Investment Overview

Lemon City Cottages is a residential community located in the Little Haiti neighborhood of the City of Miami. The property is made up of 6 buildings with ten residential units and ten garages or storage units. The buildings are situated on a .34 acre corner lot at the intersection of NE 56th Street and 3rd Avenue. According to Walk Score the property scores an 85 which is considered “Very Walkable.” There are three one-story buildings and three two-story buildings. The two-story buildings have garages on the first floor with residential units above them. There is also a small one story building in the middle of the property with two large storage spaces or two small garages. The property was developed between 1936 and 1939. Water, sewer and trash removal is included in the monthly rent. The Little Haiti neighborhood is in the path of progress and has received a tremendous amount of interest over the last few years. Many developers have started assembling land as well as renovated or developed new residential and commercial buildings in the area. The subject property is a few blocks south of the planned Magic City Innovation District as well as just north of the Design District. Two blocks south of the subject property is the proposed Sabal Palm Village at Flagler Trail which is a proposed 5.9 million square foot development on 22 acres on the corner of NE 54th Street and 2nd Avenue. There are also a number of warehouses and industrial buildings in the area that are being renovated and repurposed into office, retail, studio space and restaurants. An investor has the opportunity to acquire the property and add value through renovation or redevelopment. The units and structures could be modernized and the rent can be drastically increased. The site is zoned T5 & T3 which would potentially allow a developer to redevelop the property and increase the density on the property.