Description
Offering a beautifully re-imagined and absolutely turn-key 4-plex + single-family residence delivered renovated and designer-furnished, this is the ideal play for long-term multifamily investors seeking an operation-ready rental compound with re-development upside for a commercial or mixed-use project, or adaptive re-use program in the near-term ahead of redevelopment. Already commanding premium market rents due to the high quality finishes, fully-furnished units and spacious, even luxurious grounds and desirably situated in direct walkable adjacency to The Citadel, dining and shopping, this property provides investors a rare set of conditions that secure rentability in the long-term compared to aging existing market rental inventory in the Little River neighborhood. The fourplex features three (3) 2-bedroom / 1-bath units and one sizable (1) 1-BR / 1-Bath unit, each showcasing its own unique design theme, and beautifully restored with high-end finishes and meticulous design details. Historically operated as short-term rentals, this meticulously maintained two-parcel rental compound is half-way to stabilization with two of four 4-plex units newly leased at $2,900/monthwith straightforward lease-up remaining on the SFR and final unit. One unit in the fourplex has not been renovated as it is occupied by long-term annual tenant. With zero additional CapX requirements needed, the property is well on its way from a pro-forma, to an in-place 5.8% CAP or better -- an attractive return for covered land in a premiere location considering the amount of improvements compared to the lot size. Plus -- underlying T5-O commercial zoning provides rare optionality for maximizing investment potential and is suitable for: --Multi-family investors & short-term rental operators seeking a plug-and-play rental hub in the most walkable pocket to F&B and retail --Specialty-use or institutional operators (school, wellness, design collective, etc.) seeking beautiful grounds and multiple structures --Bullish covered-land buyers holding for future redevelopmentby-right potential for 19 units / 5 stories, or up to 292 units / 8-12 stories under Live Local Act incentives -Proven Path to a +/- 6% CAP return with zero capX requirements -Investor-friendly, with the single-family residence currently vacant, investment-minded buyer may opt to live in the house (or utilize it as an office location) and rent the fourplex, allowing for easy on-site management and opening the door for better financing options -Building recertifications up-to-date for hassle-free investment -Turn-Key Income Producer: Fully renovated with cohesive, high-end designer-curated interiors that command premium ratesideal for immediate operation as Airbnb, boutique hospitality, or long-term rentals. -Operational Versatility: Dual-structure configuration allows income diversification via office or creative use within the SFR alongside income generation from the modernized 4-plex, supporting multiple investment approaches. -Prime Walkable Location: Steps from The Citadel-the culinary anchor of Little River- and surrounded by cafés, cultural establishments, art studios, chef-owned restaurants, and neighborhood retail. -Flexible Zoning & Future Development Upside: With T5-O zoning, Opportunity Zone benefits, and Live Local Act eligibility, the assemblage offers exceptional flexibility for future redevelopment and long-term value momentum.
Details
| MLS # | A11917999 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1941 |
| Days On Site | 287 |
| Listing Provided By | The Alpha Commercial Advisors LLC | Jamie Maniscalco |
Features
| SQ Feet | 3,271 |
|---|---|
| Units | 5 |
| Zoning | 6101 |
| Acreage | 12750.00 |
Taxes
| Tax Annual Amount | 14371 |
|---|
Area Information
| State | FL |
|---|---|
| County | Miami Dade |
| City | Miami |
| Zip Code | 33138 |
| Area | 31 |
| Listing VS Median (in 33138) | |
Price: $2,590,000 low | high Med: $225,000 sqft: 3,271 low | high Med: 833 $ / sqft: $792 low | high Med: $300 On site: 287 low | high Med: 64.5 | |
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Learn More About This Property
| State | FL |
|---|---|
| County | Miami Dade |
| City | Miami |
| Zip Code | 33138 |
| Area | 31 |
| Listing VS Median (in 33138) | |
Price: $2,590,000 low | high Med: $225,000 sqft: 3,271 low | high Med: 833 $ / sqft: $792 low | high Med: $300 On site: 287 low | high Med: 64.5 | |
 | $2,9008270 Ne 1st Pl 3Miami, FL 33138 |
 | $2,9008270 Ne 1st Place 3Miami, FL 33138 |
 | $1,295,0008213 Ne 1st AveMiami, FL 33138 |
 | $1,295,0008213 Ne 1st AvenueMiami, FL 33138 |