This 8-unit multifamily building in Miami's trendy Wynwood Norte offers a unique investment chance for $2.4 million. The location boasts vibrant street art, diverse restaurants, and exciting nightlife, with high-end shops and beaches nearby.
Recent zoning changes by the city allow for significantly denser development, making the property highly attractive for potential future expansion. Additionally, the building offers immediate returns with a 5.19% cap rate and the potential for even higher returns (6.50%) based on projected rents.
Whether you choose to keep the current setup or explore redevelopment opportunities, this property positions you to capitalize on Wynwood Norte's booming cultural and entertainment scene.
244 NW 34th St, Miami, FL, 33127
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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