1442 NE Miami Ct
Miami, FL 33132
New Miami Courts · Multifamily Property For Sale · 30 Units

Marcus & Millichap is proud to present Miami Downtown Apartments, a beautiful multi-family building located at 1442 NE Miami Ct, in the heart of Downtown Miami. The subject property is a 30-unit apartment building comprised of 30 one-bedroom/one-bathroom apartment units. The building was constructed in 1925 and it sits on 6,300 Sq. Ft of land which are zoned T6-24 O according to the Miami 21 Zoning which would allow for the development of 150 units per Acre. Utilities such as water, sewer and trash removal are included in the monthly rent. The property is being offered for sale at $4,900,000, which represents a 3.00 percent cap rate on in-place income with HUD contract. The HUD contract expired September 14th, 2017 and seller did not renew the contract. Market rents indicate that rents could be increased to $1,250 per unit after renovations. By increasing rents from $750 to current market rents of $1,250 per unit, an investor has the opportunity to achieve a pro-forma cap rate of approximately 5.84 percent. This property represents a rare opportunity for an investor to acquire a well-located asset in Miami-Dade County that provides for future upside through an increase in rents and continued strong occupancy levels. Zoning also allows for units to be rented daily, weekly and monthly. All apartments would have to be furnished with a fully-equipped kitchen and appliances and on-site laundry facilities. As a short-term rental, building could generate approximately $882,844 of gross rental income. Approximate Short-Term Rental Analysis and Proforma: Occupancy 75% ADR $135.00 RevPAR $107.50 Room Revenue $882,844 Total Expenses $435,000 Net Operating Income $447,844 Cap 7.34% ** Assumes approximately $1,000,000 additional investment to renovate the property. This property is located within walking distance to Bayside Marketplace, Downtown Miami, Adrienne Arsht Center for the Performing Arts, Midtown shopping center, Bayfront Park, Wynwood Arts District, Miami Design District, American Airlines Arena. Also within a five-minute drive to South Beach, Coconut Grove, Coral Gables/Miracle Mile, Key Biscayne, Vizcaya Museum & Gardens, Port of Miami. This long-term investment would yield an unheard-of return for those seeking to shelter wealth, taking in consideration booming hospitality sector and economic improvement. This area in downtown is also beginning construction on All Aboard Florida which is going to be a high-speed train running from Miami to Orlando with a stop in Ft. Lauderdale and Palm Beach. This will bring more businesses and development to the area.