1029 94th St, Bay Harbor Islands FL 33154

Description

Harbor Lofts, located at 1029 94th Street, is a 12-unit multifamily investment opportunity ideally situated in Bay Harbor Islands, one of Miami-Dade County’s most supply-constrained submarkets. Constructed in 1951 and substantially renovated, inside and out in recent years, the property is situated on an 11,250 SF (0.26-acre) lot and comprises 8,230 SF of net rentable living space across two stories. The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity. The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.

This income/multifamily home located at 1029 94th St, Bay Harbor Islands FL 33154 is currently for sale and has been available on Brickellsold for 14 days. This property is listed at $6M. It has N/A beds, N/A bathrooms, and is N/A square feet. It was built in 1951. 1029 94th St, Bay Harbor Islands FL 33154 is in Bay Harbor Islands county Miami-Dade County.