Marcus and Millichap is pleased to present 420 NW 10th Street located in Miami, Florida. The two-story property consists of 34 one-bedroom/one-bathroom units totaling 14,787 rentable square feet. This building was constructed in 1953 and was renovated in 2017. It is situated on a 0.5-acre site zoned T5R. The property is being offered at $4,250,000 representing a current cap rate of 6.33%. After increasing rents to market average, the year one cap is expected to rise to 6.72%. The property is in a location that is experiencing massive developments that will not only benefit the immediate community but also the city in general. Examples of these developments include the Miami Innovation Center and the Brightline. In addition to the aforementioned list of upcoming developments, this property is located in close proximity to Bayside Marketplace, Downtown Miami, Adrienne Arsht Center for the Performing Arts, Midtown shopping Center, Bayfront Park, Wynwood Arts District, Miami Design District, and American Airlines Arena. South Beach, Coconut Grove, Coral Gables/Miracle Mile, Key Biscayne, Viscaya Museum & Gardens and Port of Miami are all within a twenty-minute drive from the building.
