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.
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