6803 3Rd Ave Miami, FL 33150

Property Details for 6803 3Rd Ave

Lot size

0.14 lot acres

Property size

3,276 SF

Property type

Commercial real estate

Description

This stabilized, four-unit apartment building in Miami's Little Haiti neighborhood presents a compelling value-add opportunity. The property, located at 6803 NW 3rd Ave, Miami, FL 33150, boasts 3,276 square feet on a 0.14-acre lot and features six parking spaces. The two-story building comprises four units, each a two-bedroom, one-bathroom apartment averaging over 819 square feet. Currently operating at 100% occupancy, with rents ranging from $1,000 to $1,500 per month, the property offers significant upside potential given below-market rental rates. The building's Class C designation and $885,000 asking price translate to a price per square foot of $270.15 and a price per unit of $221,250. The property generates a Net Operating Income (NOI) of $41,900, resulting in a 4.73% capitalization rate. Its convenient location, just four blocks from I-95 and minutes from NW 79th Street, provides easy access to Upper East Side, Miami Shores, Buena Vista, Wynwood, and Downtown Miami. Nearby amenities include Edison Plaza, Little River Retail, and Riley Shopping Center. The property is zoned T3-O and benefits from the availability of 50% seller financing. This presents a rare chance to acquire a well-located multifamily asset with substantial room for growth.