New Clean Turnkey Fourplex in Mimi District Miami, 9 Cap rate
Price: $ 650,000 CASH or Hard Money ONLY
Est. Rehab: <$10,000
ARV: $800k-$1 Million
Cap Rate Potential: 8%+
Est. MKT. Rent $5600/month
Current Rent $3500/month
Layout: 8 Bd, 4 Ba (3027 sqft, 5760 sqft lot )
Off Market multi-family property located 1/2 block away from Biscayne Blvd in the MiMo District of Miami's Upper East Side. This CBS two-story building features four 2 bed / 1 bath units, central ac, 4 separate meters, and 5+ parking spaces on 5,760 sq ft lot zoned T4-R. The building passed it's 40 Year Recertification less than 3 years ago and has been well maintained with new floors and a roof that has been replaced less than 6 years ago. Long term tenants are paying below market rents, with some tenants having been there 10+ years. Incredible value-add opportunity in a prime East Little Haiti location surrounded by a flourishing amount of new development.
*Only 2,000+ sq ft income property available in the area under $250/sq ft
Tenant occupied. Please do not disturb.
- tenants are month to month
- current market rent is $1400/mo per unit.
INCOME
Unit #1 - rented at $950/mo
Unit #2 - rented at $850/mo
Unit #3 - rented at $900/mo
Unit #4 - rented at $800/mo
$3,500 Current Monthly Income
$42,000 Current Yearly Gross
EXPENSES
Property Taxes - $8,559.50 (2017 Property Tax Bill)
Water Bill - $1,200/year (apprx $400 every 3 months)
Electric Bill - $0 (Tenants Pay Electric)
Insurance - $3,000/year
Garbage and Maintenance - $2500/year
$15,259 Current Yearly Expenses
MARKET RENT
Neighborhood 2/1’s w/central air - $1400 - $1500/month
$67,200 - $72,000/Year Gross
COMPS (closed sales)
557 NE 63rd St Fourplex 6/6 2,818 sq ft $700,000 ($248/sq ft, needs renovation)
570 NE 69th St five units 5/5 2,752 sq ft $750,000 ($272/sq ft, needed renovation, renovated after sale)
536 NE 69th St Triplex 4/3 2,093 sq ft $466,175 ($222/sq ft, rental condition)
512 NE 67th St Fourplex 6/4 2,917 sq ft pending $670,000 ($229/sq ft, needs renovation)
501 NE 61st St Fourplex 6/4 2,240 sq ft $868,200 ($387/sq ft, multi parcel sale w/adjacent lot)
COMPS (active listings)
450 NE 62nd St Fourplex 6/6 3,079 sq ft $1,250,000 ($406/sq ft, newly renovated)
525 NE 65th St Fourplex 6/4 2,657 sq ft $980,000 ($368/sq ft, newly renovated)
5898 NE 4th Ct Fourplex 5/5 2,660 sq ft $890,000 ($334/sq ft, needs renovation)
558 NE 69 St Fourplex 5/3 2,456 sq ft $759,000 ($309/sq ft, rental condition)
537 NE 64th St Triplex 5/3 2,508 sq ft $799,000 ($318/sq ft, newly renovated)