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$ 2,590,000
Est. payment /mo
Price Dropped by $100K
8270 NE 1st Pl Miami, FL 33138
3,271 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,271 sqft
Price per Sqft $791
MLS Listing ID A11917999
HOA Y/N No
Year Built 1941
Annual Tax Amount $14,371
Lot Size 0.293 Acres
Property Sub-Type Multi Family
Property Description
Offering a beautifully re-imagined and absolutely turn-key 4-plex + single-family residence delivered renovated and designer-furnished, this is the ideal play for long-term multifamily investors seeking an operation-ready rental compound with re-development upside for a commercial or mixed-use project, or adaptive re-use program in the near-term ahead of redevelopment. Already commanding premium market rents due to the high quality finishes, fully-furnished units and spacious, even luxurious grounds and desirably situated in direct walkable adjacency to The Citadel, dining and shopping, this property provides investors a rare set of conditions that secure rentability in the long-term compared to aging existing market rental inventory in the Little River neighborhood.
The fourplex features three (3) 2-bedroom / 1-bath units and one sizable (1) 1-BR / 1-Bath unit, each showcasing its own unique design theme, and beautifully restored with high-end finishes and meticulous design details.
Historically operated as short-term rentals, this meticulously maintained two-parcel rental compound is half-way to stabilization with two of four 4-plex units newly leased at $2,900/month—with straightforward lease-up remaining on the SFR and final unit. One unit in the fourplex has not been renovated as it is occupied by long-term annual tenant. With zero additional CapX requirements needed, the property is well on its way from a pro-forma, to an in-place 5.8% CAP or better -- an attractive return for covered land in a premiere location considering the amount of improvements compared to the lot size.
Plus -- underlying T5-O commercial zoning provides rare optionality for maximizing investment potential and is suitable for:
--Multi-family investors & short-term rental operators seeking a plug-and-play rental hub in the most walkable pocket to F&B and retail
--Specialty-use or institutional operators (school, wellness, design collective, etc.) seeking beautiful grounds and multiple structures
--Bullish covered-land buyers holding for future redevelopment—by-right potential for 19 units / 5 stories, or up to 292 units / 8–12 stories under Live Local Act incentives
-Proven Path to a +/- 6% CAP return with zero capX requirements
-Investor-friendly, with the single-family residence currently vacant, investment-minded buyer may opt to live in the house (or utilize it as an office location) and rent the fourplex, allowing for easy on-site management and opening the door for better financing options
-Building recertifications up-to-date for hassle-free investment
-Turn-Key Income Producer: Fully renovated with cohesive, high-end designer-curated interiors that command premium rates—ideal for immediate operation as Airbnb, boutique hospitality, or long-term rentals.
-Operational Versatility: Dual-structure configuration allows income diversification via office or creative use within the SFR alongside income generation from the modernized 4-plex, supporting multiple investment approaches.
-Prime Walkable Location: Steps from The Citadel–the culinary anchor of Little River– and surrounded by cafés, cultural establishments, art studios, chef-owned restaurants, and neighborhood retail.
-Flexible Zoning & Future Development Upside: With T5-O zoning, Opportunity Zone benefits, and Live Local Act eligibility, the assemblage offers exceptional flexibility for future
redevelopment and long-term value momentum.
The fourplex features three (3) 2-bedroom / 1-bath units and one sizable (1) 1-BR / 1-Bath unit, each showcasing its own unique design theme, and beautifully restored with high-end finishes and meticulous design details.
Historically operated as short-term rentals, this meticulously maintained two-parcel rental compound is half-way to stabilization with two of four 4-plex units newly leased at $2,900/month—with straightforward lease-up remaining on the SFR and final unit. One unit in the fourplex has not been renovated as it is occupied by long-term annual tenant. With zero additional CapX requirements needed, the property is well on its way from a pro-forma, to an in-place 5.8% CAP or better -- an attractive return for covered land in a premiere location considering the amount of improvements compared to the lot size.
Plus -- underlying T5-O commercial zoning provides rare optionality for maximizing investment potential and is suitable for:
--Multi-family investors & short-term rental operators seeking a plug-and-play rental hub in the most walkable pocket to F&B and retail
--Specialty-use or institutional operators (school, wellness, design collective, etc.) seeking beautiful grounds and multiple structures
--Bullish covered-land buyers holding for future redevelopment—by-right potential for 19 units / 5 stories, or up to 292 units / 8–12 stories under Live Local Act incentives
-Proven Path to a +/- 6% CAP return with zero capX requirements
-Investor-friendly, with the single-family residence currently vacant, investment-minded buyer may opt to live in the house (or utilize it as an office location) and rent the fourplex, allowing for easy on-site management and opening the door for better financing options
-Building recertifications up-to-date for hassle-free investment
-Turn-Key Income Producer: Fully renovated with cohesive, high-end designer-curated interiors that command premium rates—ideal for immediate operation as Airbnb, boutique hospitality, or long-term rentals.
-Operational Versatility: Dual-structure configuration allows income diversification via office or creative use within the SFR alongside income generation from the modernized 4-plex, supporting multiple investment approaches.
-Prime Walkable Location: Steps from The Citadel–the culinary anchor of Little River– and surrounded by cafés, cultural establishments, art studios, chef-owned restaurants, and neighborhood retail.
-Flexible Zoning & Future Development Upside: With T5-O zoning, Opportunity Zone benefits, and Live Local Act eligibility, the assemblage offers exceptional flexibility for future
redevelopment and long-term value momentum.
Location
State FL
County Miami-dade
Area 31
Exterior
Private Pool Yes
Others
Tax ID 01-31-12-008-0410
Virtual Tour https://www.propertypanorama.com/instaview/mia/A11917999
Listed by The Alpha Commercial Advisors LLC
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