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439 NE 23rd St
Miami, FL 33137 Edgewater

$10,750,000

Apartments For Sale  •  35,853 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 35,853 Sq Ft
  • Lot Size 0.52 ac
  • Building Class C
  • Year Built 1972
  • Cap Rate 4.71 %
  • Zoning T6-36
66 Transit Score
86 Walk Score

Description

Rare Edgewater property with assumable loan!
MILPORT was originally constructed in 1972 and consists of 42 units on six different stories and is located in the highly desirable area of Edgewater. Only 12 of the 42 units have been remodeled with the remodeled units generating an average of 27% more than non-remodeled units. The property is currently situated on a 0.51-acre lot with 38,853 of rentable square feet. One exciting feature is the highly coveted T6-36 zoning allowing the opportunity for an investor to convert the property into a 36-story high-rise. Another reason Investors should be excited about this property is the fact that it has been approved by the city for Short Term Rentals, allowing an investor to re-position the property and significantly increase the bottom line.

Property Flyers

Financial Summary (Actual)

Net Operating Income: $505,865 (2018)
Cap Rate: 4.71 %
Total Expenses: $197,970

Public Transportation

Commuter RailDriveWalkDistance
Hialeah Market Commuter Rail (Tri-County Commuter) 12 min - 5.8 mi
Miami Airport Commuter Rail (Tri-County Commuter) 12 min - 6.2 mi
Transit/SubwayDriveWalkDistance
Adrienne Arsht Center Transit Stop (Metromover Omni Loop) 3 min 17 min 0.8 mi
AirportDriveWalkDistance
Miami International Airport 24 min - 10.4 mi
Fort Lauderdale–Hollywood International Airport 34 min - 22.2 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 44
Type: Surface
Included in Rent: Yes
Arthur Porosoff 305-733-6066 D Stone Realty LLC
Arthur Porosoff 305-733-6066 D Stone Realty LLC