947 122Nd AveMiami, FL 33184

Property Details for 947 122Nd Ave

Year built

1983

Property size (Sq ft)

640 SF

Zone code

6100:COMMERCIAL,NEIGHBRHD

Property type

Retail space

APN

30-4901-025-0230

APU

3049010250230

Description

This exceptional investment opportunity presents a three-unit apartment building located at 947 SW 122nd Ave #947 in Miami, Florida, 33184. Built in 1983, this property boasts a total of 2080 square feet, strategically situated within the Minorca Plaza shopping condominium complex. The building's prime location offers convenient access to major transportation arteries, including a five-minute proximity to the Turnpike entrance and Florida International University (FIU). The property comprises three contiguous units on the second floor, each with its own lease. Two units measure 640 square feet each, while the third unit offers a more spacious 800 square feet. All leases are set to expire by December 31, 2024, presenting a significant opportunity for the new owner to reposition rents. The asking price is $748,000, translating to an attractive price per square foot of $360. This is a cash-only purchase, and all three units must be acquired together. This property is classified as both office and multifamily, offering a unique investment opportunity in a high-demand area of Miami. The property is situated in Miami-Dade County and benefits from its proximity to both FIU and major roadways.

• CAP approach

  CAP return

  Valuation

  6%

  $266,740

  6.5%

  $246,222

  7%

  $228,634

• Comparable approach

  Method

  Valuation

  Relative Method

  $227,469

  Geo Method

  $227,469

• Alternative Use

  Use

  Valuation

  Residential

  $207,697

  Hospitality

  $190,250

  Educational

  $158,285

  Medical

  $163,729

  Retail

  $246,222

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.7594

Longitude

-80.3925

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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