605 NW 34th Ave 6 Unit Apartment Building $1,700,000 ($283,333/Unit) 3.94% Cap Rate Miami, FL 33125

This rare value-add compound at 605 NW 34th Avenue represents one of Miami’s most compelling repositioning opportunities in one of the city’s fastest-evolving growth corridors. Set on an expansive 10,400-square-foot parcel, the property features a versatile six-unit residential configuration designed to attract both long-term and short-term investment strategies. The offering includes a standalone three-bedroom, two-bath home built in 1948 and a separate five-unit apartment building constructed in 1963, each with solid CBS construction and strong structural fundamentals. Investors gain an immediate advantage with “great bones” throughout, providing a strong foundation for renovation, redevelopment, or strategic modernization to fully realize its income-producing potential.
Located just blocks from the Magic City Casino and the highly anticipated Miami Freedom Park, the future home of Inter Miami CF, the property is positioned within an area experiencing significant private and public investment momentum. This strategic location also offers near-immediate access to the 836 Expressway, connecting residents to Miami International Airport, the Health District, Downtown Miami, and thriving employment hubs within minutes.
Current rents remain below market, presenting an exceptional opportunity for investors looking to implement a renovation program and elevate rental performance. With demand increasing for centrally located rental housing and Miami’s upward pressure on occupancy and rental rates, this compound stands primed for yield expansion. The combination of land size, structural quality, and its transformative location makes this asset an outstanding candidate for value-add repositioning or long-term hold within one of Miami’s most dynamic emerging districts.