South of Wynwood/ Overtown
20 Unit Apartment Building | $3,100,000 ($155,000/Unit) | 6.34% Cap Rate | Miami, FL 33136
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,100,000
- Property Type
-
Multifamily
- Square Feet
- 9,400 SF
Listing Contacts
Alexis Shapiro
Verified Profile
- Property Info
Property Overview
ONE Commercial Real Estate is pleased to present this exceptional opportunity to purchase a 20 Multifamily units that is LIHTC in booming Overtown, South of Wynwood. This area has seen tremendous growth and investment as one of the few areas with land available to meet the ever-increasing demand for housing near Miami’s core & central business district. The property has been
substantially updated over the years of ownership, including a recent 40 year certification, interior renovation, exterior paint hurricane impact doors, and water proofing in common areas. Affordable Income. The Low Income Housing Tax Credit (LIHTC) Program
affords Tenants and Landlords the groundwork for consistent occupancy at a rental rate equal to a portion of the area’s median income (AMI). The tremendous growth in annual AMI can be contributed to major commercial and public amenities surrounding the neighborhood, ultimately appreciating land value and satisfying the high demand for affordable housing present
within the area. The subject properties set aside requirements are 50% of the units at 60% of the AMI and 50% at 40% AMI. The agreement expires in 2043. Favorable Location: The site is conveniently located just 0.2 miles from I-95, offering easy access to regional, statewide, and interstate routes. To the west, Miami’s Health District is set to expand with a $1 billion mixed-use development. To the north, the renowned Wynwood neighborhood offers a wide range of retail and arts-centered entertainment year-round. With its prime location and strong growth potential, this opportunity is well-positioned for both growth and appreciation.
substantially updated over the years of ownership, including a recent 40 year certification, interior renovation, exterior paint hurricane impact doors, and water proofing in common areas. Affordable Income. The Low Income Housing Tax Credit (LIHTC) Program
affords Tenants and Landlords the groundwork for consistent occupancy at a rental rate equal to a portion of the area’s median income (AMI). The tremendous growth in annual AMI can be contributed to major commercial and public amenities surrounding the neighborhood, ultimately appreciating land value and satisfying the high demand for affordable housing present
within the area. The subject properties set aside requirements are 50% of the units at 60% of the AMI and 50% at 40% AMI. The agreement expires in 2043. Favorable Location: The site is conveniently located just 0.2 miles from I-95, offering easy access to regional, statewide, and interstate routes. To the west, Miami’s Health District is set to expand with a $1 billion mixed-use development. To the north, the renowned Wynwood neighborhood offers a wide range of retail and arts-centered entertainment year-round. With its prime location and strong growth potential, this opportunity is well-positioned for both growth and appreciation.
Property Details
- Class
- C
- Year Built/Renovated
- 1947/2024
- Stories
- 2
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 20
Highlights
- Conveniently located just 0.2 miles from I-95
- To the west, Miami’s Health District is set to expand with a $1 billion mixed-use development
- To the north, the renowned Wynwood neighborhood offers a wide range of retail and arts-centered entertainment year-round!
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