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$ 6,250,000
Est. payment /mo
New
1029 94th St Bay Harbor Islands, FL 33154
8,230 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,230 sqft
Price per Sqft $759
MLS Listing ID A12065320
HOA Y/N No
Year Built 1951
Lot Size 0.258 Acres
Property Sub-Type Multi Family
Property Description
Harbor Lofts, located at 1029 94th Street, is a 12-unit multifamily investment opportunity ideally situated in Bay Harbor Islands, one of Miami-Dade County's most supply-constrained submarkets. Constructed in 1951 and substantially renovated, inside and out in recent years, the property is situated on an 11,250 SF (0.26-acre) lot and comprises 8,230 SF of net rentable living space across two stories.
The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity.
The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.
The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity.
The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.
Location
State FL
County Miami-dade
Area 22
Interior
Heating Central
Cooling Central Air
Window Features Impact Glass
Exterior
Private Pool Yes
Building
Story 2
Level or Stories Two
Others
Tax ID 13-22-27-001-2630
Virtual Tour https://www.propertypanorama.com/instaview/mia/A12065320
Listed by MSP Group, LLC