Well-maintained 10-unit apartment building located on Miami Beach, Florida. The property is made up of ten one-bedroom and one-bathroom units. The two-story building with 7,000+/- sq. ft. is situated on a 6,200-sq. ft. corner lot. The building was built in 1962 and is concrete block construction. Water, sewer and trash removal is included in the monthly rent.
The North Beach Town Center District is an area where the City of Miami Beach encourages redevelopment of existing properties with a vibrant mixture of retail, restaurant, entertainment, office and residential uses. The concept plan for the North Beach Town Center was adopted by the Mayor and Commission in 2007. This was followed by an amendment to the Comprehensive Plan and the adoption of three Town Center “TC” zoning districts in 2011.
Most of the area’s restaurants, bars, shops and businesses are within walking distance of the subject property. North Beach has become a very desirable location for investors and developers, due to the strong rental market and more reasonably priced assets compared to other areas of Miami Beach.
Property is priced at $2,350,000 which breaks down to $240,000 a unit and $340 a square foot. Rents are currently at $1350 per month, but could be raised slightly to approx. $1480 per month, which would give a savvy investor an even better return on their investment.