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Overtown 12-Unit Renovation Project 1837 NW 3rd Ave 12 Unit Apartment Building $1,995,000 ($166,250/Unit) Miami, FL 33136
Executive Summary
Well priced opportunity to acquire a value-add 12 unit residential project in Overtown, located just south of the Wynwood border.
This part of Overtown has seen faster development than most, with new renovations lining the block leading out of Wynwood and up to the property. However, the neighborhood as a whole has experienced strong year-over-year value growth due to its direct proximity to every major market in the Miami Downtown Core. The property is less than 5 minutes from Downtown and Edgewater, and 1 minute from Wynwood.
The property is gutted and in shell condition. After factoring in renovation costs, there is an achievable path to lucrative returns in year 2 (post-renovation) - positioning the property as a strong bet for both short-term returns and long-term appreciation.
This part of Overtown has seen faster development than most, with new renovations lining the block leading out of Wynwood and up to the property. However, the neighborhood as a whole has experienced strong year-over-year value growth due to its direct proximity to every major market in the Miami Downtown Core. The property is less than 5 minutes from Downtown and Edgewater, and 1 minute from Wynwood.
The property is gutted and in shell condition. After factoring in renovation costs, there is an achievable path to lucrative returns in year 2 (post-renovation) - positioning the property as a strong bet for both short-term returns and long-term appreciation.
Property Facts
| Price | $1,995,000 | Building Class | C |
| Price Per Unit | $166,250 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 8,234 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 0.73/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | T3-O | ||
| Price | $1,995,000 |
| Price Per Unit | $166,250 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,234 SF |
| No. Stories | 3 |
| Year Built | 1961 |
| Parking Ratio | 0.73/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | T3-O |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | - | - |
1 1
Exceptionally walkable
90/100
Moderately drivable
60/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 01-3136-029-0280 | Improvements Assessment | $9,873 |
| Land Assessment | $533,988 | Total Assessment | $543,861 |
Property Taxes
Parcel Number
01-3136-029-0280
Land Assessment
$533,988
Improvements Assessment
$9,873
Total Assessment
$543,861
Contacts
-
Alexandros Tsoulfas -
Brian Pineiro -
Sam Schwartz -
Juliette Gruener -
STL Commercial
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Overtown 12-Unit Renovation Project | 1837 NW 3rd Ave
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