947 122Nd AveMiami, FL 33184

  • Retail properties
  • 640 SF
For Sale
$748,000 View listing

Property Details for 947 122Nd Ave

Year built
1983
Property size (Sq ft)
640 SF
Zone code
6100:COMMERCIAL,NEIGHBRHD
Property type
Retail properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
947 122Nd Ave, Miami, Florida

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$2,165
-
-
$137,600
-
-
-
$137,600

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