225 16th St ,Other, Quadruplex, Ericksons Sub for Sale

225 16th St for Sale

Price $1,575,000.00

• Lot size 3528
• Year Build 1954
• Waterfront
• Zip 33136
• Style Other
• Parking Description
• Pool Yes
• Status Active

Description

THIS IS A 8 UNIT 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.

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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

Less Than 1/4 Acre Lot

THIS IS A 8 UNIT 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,Stories:2,Tax Year:2022,Flooring:1:Vinyl,Latitude:25.7904476,Cooling Y N:1,Heating Y N:1,List Price:1575000,Listing Id:A11469018,Longitude:-80.1993405,Mls Status:Active,Year Built:1954,Living Area:3528,Postal Code:33136,Street Name:16th St,Coordinates:1:25.7904476,Photos Count:5,Building Name:ERICKSONS SUB,Days On Market:42,Listing Terms:1:Assumable,2:Owner Will Carry,3:Owner Financing less 20K Down,4:Owner Hold 2nd Mortgage,5:Owtb Wrap,Lot Size Units:Square Feet,M L S Area Major:Ericksons Sub,On Market Date:2023-09-01,Parcel Number:01-31-36-021-1710,Parking Total:3,Property Type:Residential Income,Rent Includes:1:Trash Collection,Stories Total:2,Street Number:225,M I A M I R E_ Style:Fourplex,Public Remarks:THIS IS A 8 UNIT 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.,Structure Type:1:Fourplex,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:New,Postal Code Plus4:1856,Property Sub Type:Quadruplex,State Or Province:FL,Street Dir Prefix:NW,Subdivision Name:ERICKSONS SUB,Tax Annual Amount:5578,Unparsed Address:225 NW 16th St, Miami FL 33136,Listing Agreement:Exclusive Right To Sell,Year Built Details:Resale,Building Area Total:3528,Building Area Units:Square Feet,M I A M I R E_ L P Amt Sq Ft:453.5147,Original List Price:1600000,Public Survey Range:31,Documents Available:1:Deposit - Last Months Rent,2:Deposit - Security,3:Rent Rolls,I D X Participation Y N:1,Syndication Remarks:THIS IS A 8 UNIT 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:2023-09-01,Originating System I D:miamire,Public Survey Section:36,Showing Instructions:Call Listing Agent,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_ Adjusted Area S F:2902,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:2023-09-01,Internet Address Display Y N:1,Internet Consumer Comment Y N:1,Transaction Broker Compensation:3%,Internet Entire Listing Display Y N:1,Transaction Broker Compensation Type:%,M I A M I R E_ R A T I O_ Current Price_ By_ S Q F T:453.51,Internet Automated Valuation Display Y N:1,