The subject property consists of two separate structures sitting on a 10,000 SF lot; a duplex with 3 bedrooms and 1 bathroom each on both the top and bottom floors, as well as an ancillary unit with 3 bedrooms and 2 bathrooms. All units are around 900 SF each. The property is currently 100% occupied with rents at $1,795 per month and a total gross income of $65,000. Rents are on a month-to-month basis and are determined to be under-market. The property is best seen as a covered land play, offering an investor the opportunity to ultimately take advantage of the Wynwood Norte NRD-2 zoning overlay for low-intensity infill development. The site carries an increased density of 150 d/U per acre, allowing for approximately 33 units.
