121 NE 55 ST Miami, FL 33137
Fausto Commercial is pleased to present this Magic City 8 unit multi family income property. Located at 121 NE 5 ST zoned T5 R and just 5 miles from North Miami Beach. 2 Units recently remodeled being offered for sale at $1,650,000 representing 5.06% cap rate based on current in-place income. Located near 79th Street and North Miami Avenue which has two major thoroughfares heading towards the beaches, midtown and in the Upper East Side. The asset is near the former Immigration Building** (Triton Center) which is currently a revitalization project that will be converted into a 139-room Hilton Garden Inn, 324 apartment suites and approximately 25,000 square feet of rentable commercial space with 585 parking spaces. It is also surrounded by new developments along the corridor including a wide variety of retail and restaurant options. Additionally, this area of Miami has seen increasing rents and demand. It is centrally located minutes away from the revitalized Wynwood and Downtown Miami, as well as North And Mid Beach area, South
Beach, Lincoln Road and Sunny Isles. The Upper East Side neighborhood has been through a major renaissance in recent years with shops, restaurants, galleries, boutiques, cafes and other delightful amenities opening up in the MiMo District, Ironside District and 79th and Biscayne corridors. Other notable upcoming developments in close proximity to the property are the Tri-Rail and the Magic City development expected to bring over 11,000 jobs to the area.