631 NE 72nd

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Address: 631 NE 72nd Ter, Miami, Florida, US
Created date: December 6, 2023
Date last updated: February 20, 2024

Property Description

631 NE 72nd Apartments is a 14-unit two-floor multifamily community located in the heart of Miami, Florida, which is in Miami Dade County. The subject property was built in 1958 and has undergone numerous recent renovations. Most units feature premier upgrades consisting of new flooring, updated kitchens and bathrooms, electrical appliances, and new in-wall air conditioning units. Exterior upgrades have been made to the property such as roof & gutters, hurricane impact windows & doors, new lighting, security camera system, tropical landscaping, and exterior façade stucco renewed with hallway ceilings. The property is located on the north side of NE 72nd Ter and is just a couple blocks from major retailers. The surrounding area boasts multi-family buildings of similar age and construction. The asset is conveniently located east of Biscayne Blvd, south of NE 73rd St, and north of NE 72nd St. NE 72nd Ter leads into the renowned Belle Meade neighborhood just to the east of the property. Within minutes of walking, you can access the shops and restaurants along Biscayne Blvd. Additionally, 631 NE 72nd Apartments is located in one of the fastest-growing markets in Miami Dade County due to it being a favorite spot for local natives. The investment opportunity consists of a unit mix of (6) studios & (8) one-bed & one bathroom totaling approximately 6,746 RSF. The property boasts amenities such as luxurious living units, great walking distance to local destinations, and a large tropical courtyard. 631 NE 72nd Apartments offers an investor the opportunity to purchase an unbelievably located stable cash flowing asset with a potential rent increase of 23.75% in the heart of one of the hottest markets in Florida. The investment opportunity offers amazing rents on day one with the ability to increase rents significantly in a location that simply cannot be beaten.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $3,700,000
No. of Units: 14
Year Built: 1958
Building Size: 6,746 Sq ft
No. of Stories: 2
Opportunity Zone: No
Price per unit: $264,286
Address: 631 NE 72nd Ter, Miami, Florida, US

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