225 16th St ,Free Standing for Sale

225 16th St for Sale

Price $1,575,000.00

  • Lot size 6250
  • Year Build 1954
  • Waterfront
  • Zip 33136
  • Style
  • Parking Description
  • Pool Yes
  • Status Active
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Description

Presenting a prime opportunity: 8 one-bedroom, one-bath apartments in Overtown. Units boast a strategic location and robust income potential. Maintained as-is or developed further, they are conveniently situated next to a substantial new construction project. A recent 40 yr inspection passed (report attached) Prospective buyers could potentially assume the existing loan or a purchase money mortgage. With rents currently below market rates (allowing room for increased capitalization), these apartments are strong income generators. Refer to the attached rent roll (excluding one recently leased at $1350) Each unit features separate water and electric meters, as well as wall-mounted AC units, ensuring tenant independence. New roof (2022), meters and electrical serv (2023) add to value.

ERICKSONS SUB PB B-88 LOT 11 BLK 12 LOT SIZE 50.000 X 105 OR 22659-3138 072004 6 COC 26147-3149 12 2007 1

Central Business District, City Location

Presenting a prime opportunity: 8 one-bedroom, one-bath apartments in Overtown. Units boast a strategic location and robust income potential. Maintained as-is or developed further, they are conveniently situated next to a substantial new construction project. A recent 40 yr inspection passed (report attached) Prospective buyers could potentially assume the existing loan or a purchase money mortgage. With rents currently below market rates (allowing room for increased capitalization), these apartments are strong income generators. Refer to the attached rent roll (excluding one recently leased at $1350) Each unit features separate water and electric meters, as well as wall-mounted AC units, ensuring tenant independence. New roof (2022), meters and electrical serv (2023) add to value.

City:Miami,Zoning:6107,List A O R:A-Miami Association of REALTORS,Tax Year:2022,Latitude:25.7904476,Heating Y N:1,List Price:1575000,Listing Id:A11442506,Longitude:-80.1993405,Mls Status:Active,Year Built:1954,Inclusions:Building & Land,Postal Code:33136,Street Name:16th St,Coordinates:1:25.7904476,Lot Features:1:City Location,Photos Count:5,Business Type:1:Residential-Multi-Family,Days On Market:183,Listing Terms:1:Assumable,2:Owner Will Carry,Lot Size Units:Square Feet,M I A M I R E_ Area:31,On Market Date:2023-08-24,Parcel Number:01-31-36-021-1710,Property Type:Commercial Sale,Street Number:225,Public Remarks:Presenting a prime opportunity: 8 one-bedroom, one-bath apartments in Overtown. Units boast a strategic location and robust income potential. Maintained as-is or developed further, they are conveniently situated next to a substantial new construction project. A recent 40 yr inspection passed (report attached) Prospective buyers could potentially assume the existing loan or a purchase money mortgage. With rents currently below market rates (allowing room for increased capitalization), these apartments are strong income generators. Refer to the attached rent roll (excluding one recently leased at $1350) Each unit features separate water and electric meters, as well as wall-mounted AC units, ensuring tenant independence. New roof (2022), meters and electrical serv (2023) add to value.,County Or Parish:Miami-Dade County,List Office Name:New World Realty Group Inc,Standard Status:Active,Living Area Units:Square Feet,Major Change Type:Back On Market,Postal Code Plus4:1856,Property Sub Type:Income/MultiFamily,State Or Province:FL,Street Dir Prefix:NW,Tax Annual Amount:5578,Unparsed Address:225 NW 16th St, Miami FL 33136,Listing Agreement:Exclusive Agency,Building Area Total:1,Building Area Units:Square Feet,Lot Size Square Feet:6250,Original List Price:1600000,Previous List Price:1600000,Public Survey Range:31,I D X Participation Y N:1,Syndication Remarks:Presenting a prime opportunity: 8 one-bedroom, one-bath apartments in Overtown. Units boast a strategic location and robust income potential. Maintained as-is or developed further, they are conveniently situated next to a substantial new construction project. A recent 40 yr inspection passed (report attached) Prospective buyers could potentially assume the existing loan or a purchase money mortgage. With rents currently below market rates (allowing room for increased capitalization), these apartments are strong income generators. Refer to the attached rent roll (excluding one recently leased at $1350) Each unit features separate water and electric meters, as well as wall-mounted AC units, ensuring tenant independence. New roof (2022), meters and electrical serv (2023) add to value.,Listing Contract Date:2023-08-24,Originating System I D:miamire,Public Survey Section:36,Street Number Numeric:225,Tax Legal Description:ERICKSONS SUB PB B-88 LOT 11 BLK 12 LOT SIZE 50.000 X 105 OR 22659-3138 072004 6 COC 26147-3149 12 2007 1,Public Survey Township:31,Originating System Name:Miami Association of REALTORS?,Sub Agency Compensation:3%,M I A M I R E_ Internet Remarks:Prime Overtown location. 8 one bedroom apartments, rents $890-$1350. Ideal for development. Completed 40-year inspection. Loan assumption possible.,Contract Status Change Date:2023-08-24,Internet Address Display Y N:1,Number Of Units In Community:1,Internet Consumer Comment Y N:1,Transaction Broker Compensation:3%,Internet Entire Listing Display Y N:1,M I A M I R E_ Compensation Disclaimer:BBC: 3%, The offer of compensation is made only to participants of the MLS where the listing is filed.,Transaction Broker Compensation Type:%,Internet Automated Valuation Display Y N:1,

  • Price $1,575,000.00
  • Price Change: 2024-01-24
  • Lot size sq. ft.
  • Price per sq.ft. $
  • Year Build 1954
  • Waterfront
  • View
  • Pool Yes
  • Style
  • Construction
  • Parking Description
  • Flooring Type Tile
  • Property Type Commercial Sale
  • Status Active
  • Listed 2024-01-24
  • Days on Market 267
  • Furnished
  • City Miami
  • Zip 33136
  • State Florida
  • Subdivision
  • Development Name
  • HOA Fees
  • Taxes 5578
  • Taxes Year 2022