Sitting in the historical area of Overtown, you will find this treasure of a multifamily investment with 6 units. The property is T5-L zoning allowing for AirBnB licensure and short-term rental. There are 2x 1/1, and 4x 2/1 with open rooms that can easily be closed off. Each unit is equipped with individual water/electric meters, reducing operating expenses. There is definitely potential to adjust rent to market rate. The property is less than 10 minutes away from vibrant Downtown Miami, and the artistic Wynwood area. The area is seeing major redevelopment with the ongoing "Signature Bridge" and "Underdeck" project already underway, bringing more activity to the popular area making this a crucial investment to capitalize on.
210 NW 16th St, Miami, FL, 33136
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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