Knight Center Apartments

176 NE 68th St, Miami, FL

Market Price

Price

5.65%

Cap Rate

$1,583,000.01

NOI

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Overview
Cap Rate
5.65%
NOI
$1,583,000.01
Building Size
57,969 sqft
Lot Area
3.03 acres
Occupancy
92%
Units
112
Year Built
1947
Floors
2
Description

Discover an outstanding investment opportunity for Multifamily/Low-Rise/Garden investors in the Miami area. This impressive 57,969 SF property, built in 1947, features 112 residential units, strategically zoned T5-L to offer a multitude of redevelopment options. Situated on a 3.03-acre redevelopment site, the property holds potential for 197 buildable units, making it an enticing prospect for expansion. Its strategic location, just minutes from Biscayne Blvd. and the I-95 Expressway, paired with its placement in a Qualified Opportunity Zone, enhances its investment appeal. This property presents a compelling and lucrative opportunity for investors in the thriving Miami real estate market.

Nestled in the heart of Miami, the surrounding area offers a myriad of attractions for developers and investors in multifamily assets. With the nearby Design District boasting upscale shopping and trendy dining, as well as the renowned Wynwood Walls displaying street art, this location appeals to those seeking to create vibrant living spaces with urban flair. Little Haiti's art galleries and authentic Haitian cuisine provide a unique cultural experience, while Morningside Park offers bayfront views and recreational facilities for outdoor enthusiasts. This dynamic blend of urban amenities and cultural experiences makes the area surrounding the property an enticing opportunity for Miami developers and investors in multifamily assets.

Highlights
  • - Expansive 57,969 SF building with 112 units
  • - Built in 1947, exuding historical charm and character
  • - Zoned T5-L, offering diverse redevelopment potential
  • - 3.03-acre site, potential for 197 buildable units
  • - Strategic location, less than 7 minutes from Biscayne Blvd.
  • - Convenient access, less than 10 minutes from I-95 Expressway
  • - Situated in a Qualified Opportunity Zone, maximizing investment benefits
  • - 112 residential units across 13 buildings, 2 storage structures, and 1 laundry facility
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