This 8 unit multifamily building is located in an extremely desirable area within the upper east side district of Miami. It is in close proximity to Biscayne Blvd and only a few minutes from Miami Beach. The physical property consists of 3,796 leasable SF, well situated on a large 7,200 sf lot. The property is zoned T5-L, which allows short-term rentals by right. Once up and running as a vacation rental, this property is projected to generate over $301,440 annual gross income. Using a conservative $120 p/night rate and 20 days occupancy rate, projected net income will $249,531, which will provide an investor with a strong 7.79% capitalization rate at a full asking price.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
