Bay Drive Apartments
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!
- Country: United States
- Province / State: Florida
- City / Town: Miami
- 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