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690 NW 3rd St

47 Unit Apartment Building $17,065,560 CAD ($363,097 CAD/Unit) 4.22% Cap Rate Miami, FL 33128

Apartment Buildings Florida Miami 690 NW 3rd St, Miami, FL 33128

Investment Highlights

  • Income Potential: Currently generating over $850K in income, with the potential to exceed $1M by adjusting rents to market rates. Redevelopment Opport
  • Redevelopment Opportunity: This is a perfect covered land play for future redevelopment in a rapidly growing area.

Executive Summary

Eleventrust is proud to present a rare assemblage opportunity near the vibrant
Miami River, offering a unique investment in one of Miami’s most sought-after
locations. This assemblage consists of five parcels of land totaling over 45,000 square
feet, all zoned T-6-8 under the Miami 21 Zoning Code, making it a prime candidate
for future redevelopment.
Property Breakdown:
Property #1: 690 NW 3rd St
Built: 1971
Lot: 15,000 SF
Units: 16 units with a mix of one-bedroom and two-bedroom configurations
Living Area: 13,626 SF
Parking: On-site parking with gated entry
Property #2: 221 NW 7th Ave
Built: 1949
Lot: 8,846 SF
Units: 20
Living Area: 5,110 SF
Parking: On-site parking with gated entry
Property #3: 211 NW 7th Ave
Built: 1949
Lot: 6,143 SF
Units: 4
Living Area: 3,859 SF
Parking: Off-Street
Property #4: 661 Nw 2 St
Built: 1920s
Lot: 7,500 SF
Units: 4
Living Area: 3,774 SF
Parking: On-Site
Property #5: 663 NW 2nd St:
Built: 1933
Lot: 7,500 SF
Units: 2
Living Area: 2,670 SF
Parking: On-site
Income Potential: Currently generating over $850K in income, with the potential to
exceed $1M by adjusting rents to market rates.
Redevelopment Opportunity: This is a perfect covered land play for future
redevelopment in a rapidly growing area.

Attachments

690 Nw 3 St - OM @ $12M-MF -compressed3

Financial Summary (Actual - 2023)

Annual (CAD) Annual Per SF (CAD)
Gross Rental Income $1,276,504 $93.72
Other Income $42,664 $3.13
Vacancy Loss $24,677 $1.81
Effective Gross Income $1,294,491 $95.04
Taxes $24,677 $1.81
Operating Expenses $532,337 $39.08
Total Expenses $557,014 $40.90
Net Operating Income $737,477 $54.15

Financial Summary (Actual - 2023)

Gross Rental Income (CAD)
Annual $1,276,504
Annual Per SF $93.72
Other Income (CAD)
Annual $42,664
Annual Per SF $3.13
Vacancy Loss (CAD)
Annual $24,677
Annual Per SF $1.81
Effective Gross Income (CAD)
Annual $1,294,491
Annual Per SF $95.04
Taxes (CAD)
Annual $24,677
Annual Per SF $1.81
Operating Expenses (CAD)
Annual $532,337
Annual Per SF $39.08
Total Expenses (CAD)
Annual $557,014
Annual Per SF $40.90
Net Operating Income (CAD)
Annual $737,477
Annual Per SF $54.15

Property Facts

Price $17,065,560 CAD Building Class C
Price Per Unit $363,097 CAD Lot Size 1.03 AC
Sale Type Investment Building Size 13,620 SF
Cap Rate 4.22% Average Occupancy 100%
No. Units 47 No. Stories 3
Property Type Multifamily Year Built 1971
Property Subtype Apartment Parking Ratio 1.47/1,000 SF
Apartment Style Low Rise
Price $17,065,560 CAD
Price Per Unit $363,097 CAD
Sale Type Investment
Cap Rate 4.22%
No. Units 47
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 1.03 AC
Building Size 13,620 SF
Average Occupancy 100%
No. Stories 3
Year Built 1971
Parking Ratio 1.47/1,000 SF

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 21 $1,422 CAD 300
1+1 7 $2,133 CAD 500
2+1 15 $284.43 CAD 855
3+1 1 $2,560 CAD 1,500
4+2 2 $4,266 CAD 1,700
5+4 1 $4,266 CAD 2,200
1 of 1
Walk Score ®
Very Walkable (86)
Transit Score ®
Excellent Transit (86)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
Learn How It Works Detailed Scores

PROPERTY TAXES

Parcel Numbers
Multiple
  • 01-0200-040-1070
  • 01-0200-040-1071
  • 01-0200-040-1060
  • 01-0200-040-1080
 Total Assessment $9,185,180 CAD (2024)
Land Assessment $0 CAD (2024) Annual Taxes $24,677 CAD ($1.81 CAD/SF)
Improvements Assessment $0 CAD (2024) Tax Year 2023

PROPERTY TAXES

Parcel Numbers
Multiple
  • 01-0200-040-1070
  • 01-0200-040-1071
  • 01-0200-040-1060
  • 01-0200-040-1080
Land Assessment
$0 CAD (2024)
Improvements Assessment
$0 CAD (2024)
Total Assessment
$9,185,180 CAD (2024)
Annual Taxes
$24,677 CAD ($1.81 CAD/SF)
Tax Year
2023

zoning

Zoning Code T68O (T68-O Zoning allows to build 155 Units by Right)
T68O (T68-O Zoning allows to build 155 Units by Right)
(305) 244-3880

Contacts

  • Listing ID: 33564966

  • Date on Market: 2024-10-18

  • Last Updated:

  • Address: 690 NW 3rd St, Miami, FL 33128

The Multifamily Property at 690 NW 3rd St, Miami, FL 33128 is currently available for sale. Contact Eleventrust Real Estate Services for more information.

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The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

690 NW 3rd St
(305) 244-3880 x

690 NW 3rd St

1/2

Sharif Bula

(305) 244-3880

(305) 244-3880

Rafael Fermoselle

(305) 299-4136

(305) 299-4136

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