1535 West Avenue is a 10 unit value add property located in the heart of South Beach.
Website: | https://www.nestseekers.com/3410653 |
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Address: | Miami Beach, FL 33139 |
Ownership: | For Sale |
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Pets: | Pets Allowed |
Financials
Price: | $2,775,000 |
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Annual Taxes: | $43,229 |
Description
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%.
Contact
888 Biscayne Blvd # Unit CU9 Miami, FL 33132 Phone: +1305-907-7555 Fax: +1305-675-0745 | |
Courtesy of CBRE, Inc. |