635 16Th Ave Miami, FL 33135

Property Details for 635 16Th Ave

Property size

1,800 SF

Property type

Commercial real estate

APN

01-4102-006-5960

Description

This exceptional fourplex, situated on a spacious 5,000 square foot lot in Miami's vibrant Little Havana neighborhood, presents a compelling investment opportunity. Bordering Calle Ocho, this property benefits from the area's renowned cultural attractions and bustling commercial activity. The building, classified as a Class B multifamily property, encompasses 1,800 square feet and features four units, each recently renovated. Upgrades include new kitchens and bathrooms, updated electrical and plumbing systems, new hardwood vinyl flooring, a new pitched roof, and impact-resistant windows throughout. The property boasts a generous backyard and is zoned T5-O, permitting short-term rentals. With a current NOI of $74,600 and a 5.53% cap rate, this property offers a strong return on investment. The land value is $270 per square foot, reflecting the desirability of this prime Miami location. This is an ideal opportunity for investors seeking a stable, cash-flowing asset with significant potential for long-term appreciation in a highly sought-after area. The property's location and features make it suitable for owner-occupancy, allowing for potential cost savings and additional income generation. The asking price is $1,350,000. APN: 01-4102-006-5960.