5500 NE Miami Ct - Miami Court Triplex 3 Unit Apartment Building Offered at $895,000 Miami, FL 33137

Union Street Partners LLC is pleased to present 5500 NE Miami Court, a triplex located in the burgeoning Little Haiti neighborhood in Miami, Florida. The property consists of 2 separate structures. The first is a 2 bedroom 2 bathroom cottage. The second is a two floor duplex each with a 2 bedroom 1 bathroom apartment built in 2005. The buildings are concrete block, have impact glass, central A/C and is a corner location with off street parking.
The owner has no utility expenses as each unit is separately metered for both water and electric. There is also no commercial waste removal expense or dumpster on site as trash is removed from residential containers and this cost is tied into the county / city tax bill.
The in place rents are significantly below market, ranging from $1,800 - $2,200. The HUD metro Miami Dade County - Small Area Fair Market Rent ( SAFMR ) for this zip code is $3,130 per unit for a 2 bedroom apartment. This would create a gross income in excess of $110,000+ a year.
The property is 1/2 mile from the Magic City Development, 3/4 mile from the Design District and 1/2 mile to Biscayne Boulevard.
Little Haiti is in the start phase of a major transformation. The Magic City Little Haiti Development is a $1.3 billion dollar development which will completely change the immediate area. This will add thousands of new units, office space, and retail. Additionally, a new Brightline stop is planned at NE 61st Street.
There are two multifamily properties built in 2025 within one block of the subject and the area is beginning to attract residents who have been priced out of Wynwood and Downtown Miami.
5500 NE Miami Court has what every value add investor wants: a location on the upswing, a good piece of real estate that can be improved with simple cosmetic upgrades, and rental upside from day one.