No Brainer of a Deal! 7 Unit Apartment Building in North Miami!
$699,000
SOLD
172* NE 14* St
North Miami, FL
EXCELLENT Location! Right in the heart of North Miami!
This is a property that will easily bring in consistent rents every month!
Roof is less than 5 years old.
Impact windows.
Composed of two concrete block buildings with (1) 2 bed, 1 bath, (2) 1 bed, bath, and (4) studios.
Units are individually metered for electric and owner pays for water.
All units are occupied on month-to-month leases for below-market rates.
Could be worth as much as $850k with proper upgrades and management. That's a projected income of $96,000 and a 13.73% ROI.
Rental Breakdown:
#1 - $1,200 - 2bed/1bath - month-to-month
#2 - $725 - Studio - month-to-month
#3 - $0 - Studio - Occupied by family of the current owner. To vacate.
#4 - $1,000 - 1bed/1bath - New lease 9-2020 - 8/2021
#5 - $775 - studio - month-to-month
#6 - $775 - studio - month-to-month
#7 - $950 - 1bed/1bath - month-to-month
Market rents for studios are approx. $1,000, 1/1's are approx. $1,200, and 2/1's are approx. $1,600. That's potentially a yearly gross income of $96,000.
Expenses: (Per Owner as of August 2020)
Electricity - approx $70/month
Water: approx $340/month
Lawn: $90/month
Property Taxes: $516/month ($6,201 annually)
