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$3,000,000
Est. payment /mo
7,660 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 7,660 sqft
Price per Sqft $391
MLS Listing ID A12112001
HOA Y/N No
Year Built 1939
Annual Tax Amount $39,209
Contingent Other
Lot Size 7,000 Sqft
Property Sub-Type Multi Family
Property Description
Excellent opportunity to acquire a 14-unit multifamily investment property in the heart of South Beach, Miami Beach. The property consists of 12 studio apartments and 2 one-bedroom units, generating an actual annual Net Operating Income (NOI) of $98,200, with Potential Gross Income (PGI) of $163,000.
The property offers compelling value-add potential through interior renovations and unit reconfigurations. Notably, 10 of the 12 studios feature spacious "junior one-bedroom" layouts, presenting an opportunity to potentially convert these units into true one-bedroom apartments, subject to applicable building requirements and approvals. Combined with strategic interior improvements, these enhancements offer an opportunity to increase rental revenue, strengthen operating performance, and enhance long-term asset value.
Ideally located in a highly walkable South Beach neighborhood, residents enjoy convenient access to grocery stores, dining, public transportation, local employment centers, and Flamingo Park, with the world-famous beaches of Miami Beach just a short distance away.
This property presents an attractive opportunity for investors seeking an established income-producing multifamily asset with additional upside potential in one of South Florida's most desirable coastal rental markets.
The property offers compelling value-add potential through interior renovations and unit reconfigurations. Notably, 10 of the 12 studios feature spacious "junior one-bedroom" layouts, presenting an opportunity to potentially convert these units into true one-bedroom apartments, subject to applicable building requirements and approvals. Combined with strategic interior improvements, these enhancements offer an opportunity to increase rental revenue, strengthen operating performance, and enhance long-term asset value.
Ideally located in a highly walkable South Beach neighborhood, residents enjoy convenient access to grocery stores, dining, public transportation, local employment centers, and Flamingo Park, with the world-famous beaches of Miami Beach just a short distance away.
This property presents an attractive opportunity for investors seeking an established income-producing multifamily asset with additional upside potential in one of South Florida's most desirable coastal rental markets.
Location
State FL
County Miami-dade
Area 42
Zoning 3900
Exterior
Private Pool Yes
Building
Lot Description Flood Zone
Story 2
Sewer Public Sewer
Level or Stories Two
Others
Tax ID 02-42-03-009-6580
Acceptable Financing Cash, Conventional, 1031 Exchange, Owner May Carry
Listing Terms Cash, Conventional, 1031 Exchange, Owner May Carry
Virtual Tour https://www.propertypanorama.com/instaview/mia/A12112001
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Listed by Cardenas Larocca Real Estate LLC
NEARBY SCHOOL & BUSINESS
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