Apartment – North Miami, Florida, USA
- Total area355 m²
This 6-unit boutique multifamily building is located in one of the best areas in North Miami. Property is in excellent condition with long-standing tenants, fully occupied. All 6-units are 1 bed/ 1 bath, each come with 1-assigned parking, all rented at $ 1,250 per month (market rent is $ 1,600 to $ 1,700), all tenants are on month to month, no long term leases. This property provides a steady cash flow with gross rental income of $ 90,000 per year with a potential to increase to $ 115,000 to $ 125,000 per year once rent prices are increased to market rents. Current CAP 3.93% — projected CAP 5.79%. Very low turnover in this building and easily rented if one becomes available. Utility room located onsite where a Washer/Dryer can be added for extra income, current owner does not use utility room.
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