If you are in the market for a solid investment opportunity, look no further than this two-story, 16-unit residential building located in the heart of Miami. This property presents a lucrative chance to enter the booming Miami real estate market and reap substantial returns.
Comprised of 16 spacious and well-maintained 1-bedroom, 1-bath units, this investment property offers a range of desirable features that make it an attractive prospect for both tenants and investors alike. Each unit comes equipped with individual air conditioning units, ensuring optimal comfort for the residents. Additionally, new individual meters have been installed, placing the responsibility of electricity bills on the tenants, while the landlord takes care of water and trash expenses.
One of the most enticing aspects of this investment property is its full occupancy. With all 16 units currently rented out, you can start generating income from day one. The current rental rate is set at $950 per unit, which is slightly below the market price. This presents an excellent opportunity for savvy investors to increase rental rates to a minimum of $1,150, thereby maximizing their profits.
Furthermore, this property boasts recent renovations that add significant value to the investment. A new roof has been installed, ensuring the building’s structural integrity and minimizing the need for future maintenance. Additionally, new rails and upstairs replacements are currently underway, further enhancing the property’s appeal and overall value.
Investors looking for a hassle-free transaction can also take solace in the fact that the 40-year inspection will be completed within the next 4-6 weeks. This inspection is crucial for ensuring compliance with local regulations and confirming the property’s safety and longevity. With this process near completion, investors can rest assured that the property meets all necessary standards.
Miami’s real estate market has consistently shown healthy growth and strong demand, making it an ideal location for property investments. With its prime location in the heart of Miami, this investment property offers excellent potential for long-term appreciation and rental income, making it an attractive opportunity for both seasoned investors and those entering the market for the first time.
In conclusion, this two-story, 16-unit residential building in Miami presents a golden opportunity for investors seeking a profitable and secure investment. With full occupancy, the potential for increased rental rates, recent renovations, and the completion of the 40-year inspection on the horizon, this investment property is primed for success. Don’t miss out on the chance to capitalize on Miami’s thriving real estate market – seize this opportunity and secure your place in this lucrative investment venture.
731 NW 56th St, Miami, FL 33127