1740 NW 1st Place, Miami FL 33136
Fausto Commercial is pleased to present 1740 NW 1st Place a 6-unit apartment community located in the city of Miami. The property consists of 6 one-bedroom/one-bathroom units totaling 3,462 rentable square feet. The building was built in 1928 and fully remodeled in 2017. It’s situated on a 0.5 acres of land. The property is being offered for sale at $625,000 representing a 6.89% cap rate based on current in-place income. After increasing rents to market average, the year one cap is expected to rise to 7.14%. This property is in a location that is experiencing massive developments that will not only benefit the immediate community but also the city in general. An examples of these expected developments is the Miami Innovation Center and the Miami Central Brightline (now call Virgin Train). In addition to the aforementioned list of upcoming developments, this property is located in close proximity to Bayside Marketplace, Downtown Miami, Adrienne Arsht Center for the Performing Arts, Midtown shopping Center, Bayfront Park, Wynwood Arts District, Miami Design District, and American Airlines Arena. South Beach, Coconut Grove, Coral Gables/Miracle Mile, Key Biscayne, Viscaya Museum & Gardens and Port of Miami are all within a twenty-minute drive from the building.