Calling all visionaries, developers and builders a like! Rare redevelopment opportunity to buy in coveted the South of Fifth neighborhood of Miami Beach. First time on the market in over 60 years. Acquire a piece of the last remaining single family lots with flexible zoning (fRPS1;3001 multi family) for various uses. Property currently comprised of a single CBS structure with two side by side income producing dwellings; 3/2 on one side and 1/1 on the other. Generate income from day one while you process plans for redevelopment of the site. Property being sold for land value. Please do not disturb the tenants.
Click on virtual tour for detailed view of the property interior.
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Our Executive Mortgage Banker:
Our Insurance Division:
$1,900,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $1,520,000 | $1,520,000 | $1,520,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.250% | 6.250% | 6.000% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.336% | 6.348% | 6.201% |
Monthly Tax Payment | $1,151 | $1,151 | $1,151 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $9,359 | $9,359 | $12,827 |
Total Monthly Payment | $10,634 | $10,634 | $14,102 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first 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.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.