JUST CLOSED! | Duplex | Silver Bluff

3501-3503 SW 24th Terrace, Miami

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We would like to announce that our listing at 3501 SW 24th Terrace has officially closed.

This two-story duplex for sale is centrally located close to the Coral Gables area. Great rental income investment opportunity. Home has new roof (November 2014) and impact resistant windows. The units are all tiled throughout. The 7,200 sq.ft. over sized lot allows for a possible expansion and provides plenty of parking. The current long term tenants have been living in the units on a month-to-month basis. However, the tenants are willing to stay with new buyer. There is a laundry room on premises which is currently available free to tenants but can become an income producing laundry.

Lot Size: 7,200
Sold For: $340,000

 

Unit # Bedrooms Bathrooms Sq. Ft.** Current Monthly Rate Proforma Rate
3501 3 2 1,200 $1,450 $1,600
3503 2 1 700 $1,250 $1,300
Cottage Studio 1 300 $450 $600
Total Annual Income $37,800 $42,000
Annual Expenses Water $1,800 $1,800
RE Tax $4,051 $5,500
Insurance $2,000 $3,000
Lawn $420 $420
Electricity $108 $108
Total Annual Expenses $8,379 $10,828
Annual Net Income $29,421 $31,172
Cap Rate 7.80% 8.20%

  
 
** Approximate Square Footage As Per Plans Provided By Owner