Allapattah Townhouses
Land | 8,150 SqFt
Marketing description
Included with the property plans ready to be submitted to the city to build 5 beautiful 3 floor TownHouses, 2 2/2 1,452 SF each and 3 3/3 1,978 SF each included with the property (ask broker for details, financial analysis and additional documentation).
Existing house rented at $1600/month with great tenant generates income while going through approval process
CURRENT STRUCTURE: 3/2 964 SF House TYPE: Rental CURRENT RENT: $1600/month
PROPOSED: Townhouses NUMBER OF UNITS/ROOMS: 5 RENTABLE SPACE: 8,312 SF LOT: 8,150 SF ZONED: T-4
Allapattha is Growing on its Own + the Wynwood Overflow. Allapattah has historically been a working class neighborhood. In the last few years, as prices in Wynwood have risen, many developers have set their sights on it.
A funky project, designed by the famous Danish architect Bjarke Ingels is schedule for the Miami Produce Center in Allapattah. The developer Lissette Calderón has three multifamily projects in progress. Miami’s most renowned developer, Jorge Pérez, Don and Mera Rubell have bought several lots and art galleries in the area.
The 18,75 acres in NW 20th St and 14th Av, currently various government agencies, are being redeveloped.
To read more check out “AllaWay,” a new glossy lifestyle magazine focused on Allapattah
Investment highlights
Ideal for Airbnb developments, assuming $2.5M total acquisition & development cost expected 10%+ CAP upon completion and a Cash on Cash of 12%+
Property is a one block away from Moishe Mana recently acquired $16M lot, In response to that sale, Mana Common said it is “focused on our development plans in Miami because we believe in that city’s future as the trade hub of the Western Hemisphere,” and will be redeploying funds “for that purpose.”
In total, Mana and his companies have spent more $400 million on more than 60 properties downtown spanning over 1.3 million square feet. In July, he added to his portfolio with a $12.4 million parking lot downtown.
A number of developers have invested in Allapattah, a working class industrial neighborhood west of Wynwood, including Lissette Calderon, Jorge Pérez and Robert Wennett.
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