1029 94th Street,Bay Harbor Islands, FL 33154
Bay Harbor Islands, FL 33154
Description
Harbor Lofts, located at 1029 94th Street, is a 12-unit multifamily investment opportunity ideally situated in Bay Harbor Islands, one of Miami-Dade County's most supply-constrained submarkets. Constructed in 1951 and substantially renovated, inside and out in recent years, the property is situated on an 11,250 SF (0.26-acre) lot and comprises 8,230 SF of net rentable living space across two stories.The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity.The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.
Details
| MLS # | A12065320 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1951 |
| Days On Site | 72 |
| Listing Provided By | MSP Group, LLC | Demosthenes George Mekras |
Features
| SQ Feet | 8,230 |
|---|---|
| Story(s) | 2 |
| Units | 2 |
| Building(s) | 1 |
| Zoning | 4500 |
| Acreage | 0.26 |
Exterior
| Lot Features | Flood Zone |
|---|
Parking
| Parking Features | Common |
|---|
Area Information
| State | FL |
|---|---|
| County | Miami Dade |
| City | Bay Harbor Islands |
| Zip Code | 33154 |
| Area | 2220 |
| Listing VS Median (in 33154) | |
Price: $6,250,000 low | high Med: $375,000 sqft: 8,230 low | high Med: 1,150 $ / sqft: $759 low | high Med: $326 On site: 72 low | high Med: 41 | |
Market Activity 33154
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Learn More About This Property
| State | FL |
|---|---|
| County | Miami Dade |
| City | Bay Harbor Islands |
| Zip Code | 33154 |
| Area | 2220 |
| Listing VS Median (in 33154) | |
Price: $6,250,000 low | high Med: $375,000 sqft: 8,230 low | high Med: 1,150 $ / sqft: $759 low | high Med: $326 On site: 72 low | high Med: 41 | |