Newly constructed 13-unit multifamily in Little Haiti

Fausto Commercial is proud to present 147 NW 59th Street, Miami, FL, a newly constructed 13-unit multifamily building located in the growing Little Haiti neighborhood. Expected to be completed in December 2024, the three-story walk-up includes covered parking and features a mix of 1 one-bedroom, 8 three-bedroom, and 4 four-bedroom units, with an average size of 1,039 square feet per unit. The building offers modern amenities such as granite countertops, stainless steel appliances, and in-unit washer/dryers. Its prime location provides easy access to Miami’s key districts, including the Design District, Wynwood, and Downtown Miami, making it an attractive choice for prospective tenants seeking convenience and a contemporary living experience.

With a projected effective gross income of $558,000 and net operating income of $390,600, the property is positioned for strong financial performance upon stabilization. At a projected cap rate of 5.83% based on a $6.7M valuation, the investment offers a solid return potential in Miami’s resilient multifamily market. The new construction and strategic location provide a reliable foundation for rental growth, making this property an appealing opportunity for investors looking to capitalize on the area’s continued development.