427 NE 62nd St, Miami FL 33138

Introducing the MiMo Magic City Residences - a remarkable 15-unit apt. building in the heart of Miami's Upper Eastside / MiMo Distrct / Magic City Innovation District. A rare opportunity to acquire an asset in a highly desirable location at a 6.5% going-in CAP rate that easily stabilized well above a 7% CAP rate in the coming months. 13 of 15 units are master-leased to a highly sophisticated short term rental operator who pays a flat-rate rent per unit per month and covers all operating expenses (except taxes and insurance). The current gross annual income is $228k and will increase to over $240k in early 2022. The property has been fully updated in 2021 and will be sold with a transient license, clean title, 40-yr recertification, certificate of use, and business tax receipt in place.