85-87 NE 55th Street, Miami Florida 33137
Fausto Commercial is proud to present the Buena Vista Multifamily Development located at 85-87 NE 55th Street, Miami FL 33137. The property is a short, four-block walk from the popular Upper Buena Vista stylish shopping spot and restaurant.The parcel is a corner to corner lot totaling 8,760 Sq. ft, zoned T4-R. Investor has the opportunity to build by right up to 7 units on one of the most desirable and popular areas in Miami right now. Another bonus this deal features, it’s the location, site is located in the opportunity zone were new buyer will have tax incentives.
The acquisition of this property qualifies the owner/developer for Opportunity Zone Tax incentives by deferring or reducing investment capital gain taxes over 5,7- or 10-year holding periods. These tax savings will provide increased Net Operating Income for the subject property compared to a similar comparable property located outside the Opportunity Zone.
Under the current zoning, the property allows an owner/developer to build a Two (2) story, 6 apartment rental unit building. The subject site has easy access to public transportation, which could potentially reduce the amount of parking required for the property.
The rental market for new construction for studios/one-bedroom apartments are approximately $1,450, two bedrooms/one-bathroom units are generating $1,750, the two bedrooms/two-bathroom units are being rented at $1,850, and the three bedrooms/two-bathroom apartments are being leased at approximately $2,500. If an owner/developer applies and is awarded Low Income Housing Tax Credits, a developer can reduce taxes by 4% annually (for acquisitions costs) and reduce taxes by 9% annually (for development costs) over the first 10 years (after the building is fully operational.