14752 NE 6th ave, North Miami, FL
The 2 -acre site was bought out for $1 million last year and is already getting ready to go up!
The three-story, 54,300-square-foot building would be built on a 2-acre site. The units would each have two bedrooms and two bathrooms. Rents are expected to be about $1,645 a month. Global One Investment Group is the developer of the property.
Love to see developments happening on the small scale, since big things we always write about.
Since last year the jump in single family residences sales and price hikes had prompted us to raise the investment prices from under $150,000 to under $300,000. The reality of Miami-Dade market is such that we get Liberty city trading over $160,000 3/1 CBS all day long!!
You can still have cash flow, but you will definitely need to calculate repairs and check current rental rates (its going up).
Palm Beach single family homes in Rivera Beach are up and deals under $100k are supper scarce in both Riviera Beach and West Palm, the only place left under is Belle Glade, but not every investor would drive up that far west and rents are not very supportive. Broward and Dade are super hot, single families under $200k are flying off, mostly deals are under $300k mark now:(
Oceanfront deals for 2/2 condos are soo limited -you have a total of 36 listed 2/2 in Ocean drive in Broward total and more than half are across the street...
Sunny Isles Beach 1/1 market is super dry -only 26 units and that's with like 5 Ramada condo-hotel units...
Miami Beach 1 bed room market is super dry as well with only 127 units and lowest one starting at $130,000.
But there are also sellers losing money in this market as well as sellers making quick buck, very very interesting situation we are in.