690 3Rd St Miami, FL 33128

Property Details for 690 3Rd St

Property size

29,039 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity encompasses a portfolio of five buildings totaling 47 units situated in Miami's vibrant Little Havana neighborhood. The property boasts a combined 29,039 square feet of net rentable space across a sizable 44,989 square foot lot. Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $506,000, the property offers a compelling 4.22% cap rate. A pro-forma analysis projects a significant increase in NOI to $760,000, resulting in a 6.33% cap rate. The portfolio includes a mix of studio, one-bedroom, and two-bedroom units, each with one parking space. Built between the 1940s and 1971, the buildings present a value-add opportunity with potential for significant rent increases and future redevelopment. The asking price is $12,000,000, translating to $255,319 per unit and $413.24 per square foot. The property is held in fee simple and is suitable for a 1031 exchange. Located near the Miami River, Downtown Miami, and Brickell, this assemblage offers exceptional proximity to key areas and benefits from strong rental demand. The property's location provides convenient access to major transportation routes and a variety of amenities. The substantial lot size presents a unique covered land play with significant potential for future development, given its zoning designation. This is a rare opportunity to acquire a well-performing multifamily portfolio with substantial upside potential in a rapidly appreciating market.