427 62nd St,Hotel/Motel, Income Non-Waterfront, Apartments, Residential-Multi-Family

427 62nd St, Miami, Florida, 33138

Price $2,690,000.00

  • Lot size 10892
  • Year Build 1941
  • Waterfront
  • Zip 33138
  • Style
  • Parking Description
  • Pool Yes
  • Status Pending
Contact usSchedule Tour

Description

Introducing the MiMo Magic City Residences - a remarkable 15-unit apt. building in the heart of Miami's Upper Eastside / MiMo Distrct / Magic City Innovation District. A rare opportunity to acquire an asset in a highly desirable location at a 6.5% going-in CAP rate that easily stabilized well above a 7% CAP rate in the coming months. 13 of 15 units are master-leased to a highly sophisticated short term rental operator who pays a flat-rate rent per unit per month and covers all operating expenses (except taxes and insurance). The current gross annual income is $228k and will increase to over $240k in early 2022. The property has been fully updated in 2021 and will be sold with a transient license, clean title, 40-yr recertification, certificate of use, and business tax receipt in place.

PLEASE READ THROUGH ATTACHED OFFERING MEMORANDUM BEFORE CONTACTING LISTING AGENT

NORTH GATE PB 8-88 LOT 13 LESS S10FT & LOT 14 LESS S10FT & LESS PORT LYG IN R/W BLK 3 OR 21199-0023 0103 1 COC 25067-0648 10 2006 1

Introducing the MiMo Magic City Residences - a remarkable 15-unit apt. building in the heart of Miami's Upper Eastside / MiMo Distrct / Magic City Innovation District. A rare opportunity to acquire an asset in a highly desirable location at a 6.5% going-in CAP rate that easily stabilized well above a 7% CAP rate in the coming months. 13 of 15 units are master-leased to a highly sophisticated short term rental operator who pays a flat-rate rent per unit per month and covers all operating expenses (except taxes and insurance). The current gross annual income is $228k and will increase to over $240k in early 2022. The property has been fully updated in 2021 and will be sold with a transient license, clean title, 40-yr recertification, certificate of use, and business tax receipt in place.

City:Miami,Zoning:3900,List A O R:A-Miami Association of REALTORS,Stories:2,Lease Term:1 To 3 Year Lease,List Price:2690000,Listing Id:A11113917,Mls Status:Pending,Year Built:1941,Postal Code:33138,Street Name:62nd St,Tenant Pays:1:Electricity,2:Lawn Care,3:Sewer,4:Trash Collection,5:Water,Contingency:No Contingencies,Coordinates:1:25.833539,Photos Count:40,Business Type:1:Residential-Multi-Family,Days On Market:5,Listing Terms:1:Exchange,2:Other Terms,Lot Size Acres:0.25,Lot Size Units:Square Feet,On Market Date:2021-10-19,Parcel Number:01-32-18-024-0400,Parking Total:13,Property Type:Commercial Sale,Stories Total:2,Street Number:427,Off Market Date:2021-10-24,Public Remarks:Introducing the MiMo Magic City Residences - a remarkable 15-unit apt. building in the heart of Miami's Upper Eastside / MiMo Distrct / Magic City Innovation District. A rare opportunity to acquire an asset in a highly desirable location at a 6.5% going-in CAP rate that easily stabilized well above a 7% CAP rate in the coming months. 13 of 15 units are master-leased to a highly sophisticated short term rental operator who pays a flat-rate rent per unit per month and covers all operating expenses (except taxes and insurance). The current gross annual income is $228k and will increase to over $240k in early 2022. The property has been fully updated in 2021 and will be sold with a transient license, clean title, 40-yr recertification, certificate of use, and business tax receipt in place.,County Or Parish:Miami-Dade County,Expiration Date:2022-11-01,Private Remarks:PLEASE READ THROUGH ATTACHED OFFERING MEMORANDUM BEFORE CONTACTING LISTING AGENT,Standard Status:Pending,Living Area Units:Square Feet,Major Change Type:Pending,Postal Code Plus4:6168,State Or Province:FL,Street Dir Prefix:NE,Tax Annual Amount:19155,Unparsed Address:427 NE 62nd St, Miami FL 33138,Listing Agreement:Exclusive Right To Sell,Year Built Details:Resale,Building Area Total:4218,Building Area Units:Square Feet,Lease Considered Y N:1,Lot Size Square Feet:10892,Number Of Buildings:1,Original List Price:2690000,Public Survey Range:32,I D X Participation Y N:1,Syndication Remarks:Introducing the MiMo Magic City Residences - a remarkable 15-unit apt. building in the heart of Miami's Upper Eastside / MiMo Distrct / Magic City Innovation District. A rare opportunity to acquire an asset in a highly desirable location at a 6.5% going-in CAP rate that easily stabilized well above a 7% CAP rate in the coming months. 13 of 15 units are master-leased to a highly sophisticated short term rental operator who pays a flat-rate rent per unit per month and covers all operating expenses (except taxes and insurance). The current gross annual income is $228k and will increase to over $240k in early 2022. The property has been fully updated in 2021 and will be sold with a transient license, clean title, 40-yr recertification, certificate of use, and business tax receipt in place.,Listing Contract Date:2021-10-19,Originating System I D:miamire,Public Survey Section:18,Showing Instructions:Appointment Only,Street Number Numeric:427,Tax Legal Description:NORTH GATE PB 8-88 LOT 13 LESS S10FT & LOT 14 LESS S10FT & LESS PORT LYG IN R/W BLK 3 OR 21199-0023 0103 1 COC 25067-0648 10 2006 1,Public Survey Township:32,Originating System Name:Miami Association of REALTORS?,Contract Status Change Date:2021-10-24,Internet Address Display Y N:1,Number Of Units In Community:15,Internet Consumer Comment Y N:1,Internet Entire Listing Display Y N:1,Internet Automated Valuation Display Y N:1,

  • Price $2,690,000.00
  • Price Change: 2021-10-20
  • Lot size sq. ft.
  • Price per sq.ft.
  • Year Build 1941
  • Waterfront
  • View
  • Pool Yes
  • Style
  • Construction Concrete Block Construction
  • Parking Description
  • Flooring Type
  • Property Type Commercial Sale
  • Status Pending
  • Listed 2021-10-20
  • Days on Market 45
  • Furnished
  • City Miami
  • Zip 33138
  • State Florida
  • Subdivision
  • Development Name
  • HOA Fees
  • Taxes 19155
  • Taxes Year