Bay Drive Apartments

For sale


Property ID

15,815 SqFt



Rare Opportunity to secure a two-folio multi-family assembly in Bay Drive one of the most desirable area of Miami Beach.​

The offering includes 18 Units

​Six 2 Bedroom / 2 Baths (RARE)
​Twelve 1 Bedroom / 1 Bath
All units are HUGE mid-century floor plans with open living areas and plenty of closets.​

Several units have two access doors, perfect for two person living spaces.​

Units are approximately 750 SF to 1,050 SF, several with hardwood floors and original design features.​

All rents are below market rates and offer an investor revenue growth opportunity given units sizes and location.​

The lots are also ideal for development of approximately 20 townhouses (subject to Miami Beach zoning guidelines).​ Alternatively, the apartments can be modernized with repositioning the existing units to current lower luxury apartments.​

Market demand in each approach will provide the Buyer a fantastic capital and income growth.​

Located steps from the King Cole, the location on Bay Drive neighborhood, featuring culdesacs that provide low traffic and a private community feel.​

The property is walking distance from Normandy Circle.​ the North Beach Business District, and the beaches

The City of Miami Beach has a allocated monies for the redevelopment of North Beach Neighborhoods, which only enhances property values for the area.​

Investment in these properties will provide capital growth opportunity and a secure vehicle for income growth.​

This property has not been available in over 50 years, so this is the time to buy these amazing apartment buildings.​


  • ​Large Units make for an aggressive $/SF acquisition cost
  • ​Price per unit is below market average, priced to sell
  • ​Reposition the property and enjoy much higher market rents. There is 0% Vacancy for these apartments and low vacancy in the neighborhood
  • Developer Buyers may have the opportunity to build new apartment building or townhouses, subject to City of Miami Beach approvals

There is NOTHING like this in the market!

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Address: 935 Bay Dr, Miami Beach, FL 33141
  • Country: United States
  • Province / State: Florida
  • City / Town: Miami
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  • Property ID 4197
  • Price $4,500,000
  • Property Type Multifamily
  • Property status For sale
  • Size 15,815 SqFt
  • Units 18
  • Zoning RM-1
  • Lot Area (sq ft)13,900
  • Price Per Sqft $284.54
  • Investment Type Value Add
  • Investment Sub Type Income
  • Class C
  • Net Rentable (sq ft) 13,756
  • Occupancy 100%
  • Year Built 1946 & 1952
  • Year Renovated Unknown
  • Buildings 2
  • Stories 2
  • Price/Sq Ft (Land Value) $374.10/SF
  • Broker Co-Op Yes
  • APN 02-3210-013-0810 & 02-3210-013-0830
  • Ground Lease No
  • Ownership Private


Zena Bardawell Farah

Property Agent
+1 305-967-7200
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