Wynwood duplex up-zoned to T5-O mixed use 5 stories

[Jai Magner Koch]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $230,000
Cash invested: $57,500
Sale price: $980,000

Property was new construction at time of purchase and never needed any improvements during ownership. I sold the property as the deferred maintenance was going to become an issue. Fortunately, the land value increased significantly during ownership. When I purchased the property in Wynwood it was before what we know now as Wynwood existed. Nothing of interest was there and this lot was upzoned during that time from duplex to T5-O, mixed use residential and commercial up to 5 stories. Property was sold as is for land value to be developed.