631 10Th St Miami, FL 33136

Property Details for 631 10Th St

Year built

1978

Property size

1,400 SF

Property type

Residential income homes

APN

# 01-3137-020-0750

Description

This exceptional multifamily investment property, located at 631 NW 10th St, Miami, FL 33136, presents a compelling opportunity for savvy investors. The 1,400 square foot, two-story building, constructed in 1978 and renovated in 2023, boasts a 100% occupancy rate as of January 1, 2024, generating a strong NOI of $32,000 (pro-forma NOI of $35,000). The property features one unit with 1,480 net rentable square feet, priced at $385,000, resulting in a compelling cap rate of 8.31% (pro-forma 9.09%). Situated on a 2,100 square foot lot in Miami-Dade County, the property benefits from a prime location adjacent to I-95, in the heart of Downtown Miami and near the Miami River. The permitted zoning (4600/MULTI-FAMILY - 5 STORY & UP) and significant air rights (28,000 sq ft) offer substantial future development potential. The property includes two parking spaces. This is a cash-only sale, suitable for a 1031 exchange. The property is currently operating as a short-term rental, offering immediate income generation. Further due diligence is recommended by the buyer. The property is held in a corporation and is not subject to HOA fees. This is a value-add opportunity in a rapidly developing area, located within an Opportunity Zone (#12086003601).