601 1St AveMiami, FL 33132

Property Details for 601 1St Ave

Year built

2024

Property size (Sq ft)

2,600 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a portfolio of four fully furnished, one-bedroom Airbnb condos in Miami, Florida. Located at 601 NE 1st Ave, 33132, this Class A, 2024-built property boasts a total of 2,600 square feet, with each unit priced at $799,000. The property enjoys a prime downtown location adjacent to Miami World Center, offering easy access to the Miami Heat Arena, cruise port, beaches, and various dining and entertainment options. Approved for short-term rentals, the portfolio generates substantial income, with a Net Operating Income (NOI) of $387,391 and a 12.12% cap rate. Building amenities include a 51-story landmark design, 24-hour valet parking and secure access, high-speed internet, a double-height lobby, and extensive amenity spaces encompassing wellness facilities, culinary options, a conference center, and a pool. The building also features three floors of private office space and ground-level retail. This turnkey investment is ideal for cash buyers and investors seeking a high-return, low-maintenance opportunity in a thriving Miami location. Financials indicate an average monthly income of $10,000 per unit, based on 25 nights of occupancy at $400 per night. The property is eligible for a 1031 exchange.

Location Insight

City

Miami

County

Miami-Dade

State

Florida

Latitude

25.7803

Longitude

-80.1915

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