Multifamily in North Miami, FL 33161

Griffing Biscayne Park Estates, 13200 NE 6th Ave

This 6-unit boutique multifamily building is located in one of the best areas in North Miami. Property is in excellent condition with long-standing tenants, fully occupied. All 6-units are 1 bed / 1 bath, each come with 1-assigned parking, all rented at $1,250 per month (market rent is $1,600 to $1,700), all tenants are on month to month, no long term leases. This property provides a steady cash flow with gross rental income of $90,000 per year with a potential to increase to $115,000 to $125,000 per year once rent prices are increased to market rents. Current CAP 3.93% - projected CAP 5.79%. Very low turnover in this building and easily rented if one becomes available. Utility room located onsite where a Washer/Dryer can be added for extra income, current owner does not use utility room.