AddressN/a, Miami Beach, FL, 33139-2342
Price$2,775,000
- Commercial Sale
- Built in 1950
1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.
Essential Information
- MLS® #A11537022
- Price$2,775,000
- Bathrooms0.00
- Acres0.00
- Year Built1950
- TypeCommercial Sale
- Sub-TypeMulti Family
- StatusActive
Community Information
- AddressN/a
- Area32
- CityMiami Beach
- CountyMiami-Dade County
- StateFL
- Zip Code33139-2342
Interior
- # of Stories2
- StoriesTwo
Additional Information
- Date ListedFebruary 21st, 2024
- Days on Website67
Listing Details
- OfficeCBRE, Inc.
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