Strategic Covered Land Play, 4Plex w/ Re-Dev 5898 NE 4th Ct 4 Unit Apartment Building $1,250,000 ($312,500/Unit) 4.01% Cap Rate Miami, FL 33137

The Alpha Commercial is pleased to present a prime redevelopment opportunity in one of Miami’s most rapidly evolving corridors.
Located at the crossroads of Buena Vista, Upper Eastside, MiMo, and Little Haiti, the property sits in the direct path of transformation, benefiting from ongoing investment and surging demand. Zoned for future redevelopment, the site allows for up to 5 stories and 12 units—tripling its current density and positioning it as a strategic long-term hold in a high-growth market.
A walker's paradise, the property is steps from some of the area’s most sought-after retail and dining hotspots, including Chica, Crema Cafe, Sushi Sake, and Flora Plant Kitchen. Its prime location, adjacent to Magic City and the newly completed Boulevard project, offers unmatched visibility and connectivity, enhancing both tenant appeal and future development potential.
Currently fully occupied and generating stable income, the asset presents an immediate value-add opportunity through targeted interior upgrades, including bathroom renovations and appliance enhancements. With Miami’s short-term rental market booming, investors can capitalize on strong Airbnb-style returns while benefiting from long-term appreciation in one of the city’s most dynamic neighborhoods.
NOTE: The property is currently leased at below-market rents for the traditional tenants with 2 of the 4 units leased to Section 8 tenants. Pro-forma income is $80,177 which takes into account estimated re-assessed taxes, and rent increases to an average of $3.52/Sq. Ft. (a conservative and very do-able figure for a building of this condition in this highly-walkable Eastern location). This would put the buyer at a 6.41% CAP at the current asking price, and would not require additional capX. From there, the play would be hold the asset and re-develop or sell to a developer down the road, as this area continues to evolve, to maximize the zoning rights for up to 12 units and 5 stories. As proof of value for re-development, a 13,347 SF vacant land parcel 2 doors down at 454 NE 58 ST just sold for $2,000,000.