Summary:
• Assumable Loan of $2,400,000.
• Located in an Opportunity Zone.
• 5%+ Cap Rate in a prime and growing area, with possibility to increase the cash-flow.
• Short-term rentals allowed.
• Upside of potential T-5 zoning change.
• Larger lot assemblage now available for an additional $1,250,000.
Design District Studios is a 23-unit apartment building located at 177 NE 50th Street in the city of Miami, which is in Dade County,
Florida. The property’s unit mix is comprised of 23 studios. Utilities such as water, sewer and trash removal are included in the rent.
The property was constructed in 1926 and it was completely rehabbed in 2013.
ADDITIONAL CONTIGUOUS LOTS ALSO AVAILABLE FOR SALE: Sale can include 12,760-square foot lot located at 160
NE 50 Terrace and 169 NE 50 Street those could be used as parking for tenants of 177 NE 50 Street for an additional $1,250,000 ($5,600,000 total purchase price).
Assumable loan available. Details on page 28.
Building located in Design District neighborhood, just off of NE 2nd Avenue. The property is within a one-mile radius of four high
schools, three middle schools, six elementary schools, five bus stops, and is close to two gas stations, two grocery stores, and over
20 restaurants.
Over the past few years the design district has undergone major transformation into the ultimate destination for cutting edge fashion,
art, design and culture. Stores like Bulgari, Celine, Cartier, Giorgio Armani, Givenchy, Tiffany & Co, Valentino, Versace, Louis Vuitton
and Harry Winston are already established in the neighborhood but Design District expects to open the door to 200 additional highend retail stores in the next few years.
