1029 94th St, Bay Harbor Islands FL 33154

Description of 1029 94th St, Bay Harbor Islands FL 33154

Harbor Lofts, located at 1029 94th Street, is a 12-unit multifamily investment opportunity ideally situated in Bay Harbor Islands, one of Miami-Dade County’s most supply-constrained submarkets. Constructed in 1951 and substantially renovated, inside and out in recent years, the property is situated on an 11,250 SF (0.26-acre) lot and comprises 8,230 SF of net rentable living space across two stories. The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity. The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.

Property Details for 1029 94th St, Bay Harbor Islands FL 33154

Heating

Central Individual A/C

Cooling

Central Individual A/C

Parking Features

Common

Pool Private

No

Building Information for 1029 94th St, Bay Harbor Islands FL 33154

Building Name

Harbor Lofts

Building Area Total

8230

Building Area Units

Square Feet

Stories

2

Stories Total

2

Association

No

Property Information for 1029 94th St, Bay Harbor Islands FL 33154

Lot Features

Location In A Flood Zone

Lot Size Square Feet

11,250

Waterfront

No

View

No

New Construction

No

Public Records for 1029 94th St, Bay Harbor Islands FL 33154

Parcel Number

13-22-27-001-2630

Tax Legal Description

BAY HARBOR ISLAND PB 46-5 LOT 16 BLK 13 LOT SIZE 75.000 X 150 OR 15329-7539 1291 1

Zoning

4500

County Or Parish

Miami-Dade County

Location