This property presents an excellent opportunity for leveraging the Live Local Act program, given its prime location just 0.5 miles from the Okeechobee Metro Rail station, which includes an eight-story development. The site is strategically situated adjacent to a public school on the east side and bordered by an industrial site to the north. Potentially zoned for 70 units per acre under Neighborhood Business District (NBD) regulations, the property can accommodate up to 35 units. Currently generating $6,500 per month from two fully rented structures (3/1, 3/2, and 1/1 units), the highest and best use of this property is the land. Benefit from ongoing rental income during the development process.
765 W 23rd St, Hialeah, FL, 33010
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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