Multifamily for sale Miami Beach, Miami, FL

$1,490,000
Property type: Apartments/Flat
Area (Sq Ft)
5241
Bathrooms
8
Bedrooms
8
Garages
8

The space

  • Year Built: 1940

Amenities

  • Air conditioning
  • BBQ
  • Cable TV
  • City Views
  • Garage / Parking

Description

Golod Group is pleased to present for sale 7124 Bay Drive, an eight-unit apartment building located in Miami Beach, Florida. Property is comprised of four one-bedroom/one-bath units and four large studio/one-bath units, approximately 4,368 square feet of rentable space that sits on a 5,250-square foot lot.

Apartment building resides in the heart of North Beach and provides exceptional access to employment, local schools, neighborhood services, entertainment, shopping and the best Florida beaches. Public transportation is available minutes away from the building. Building located on the corner of Bay Drive and Marseille Drive, on Normandy Island, one block north of highly trafficked 71 Street and located steps away from Normandy Circle. Normandy Island in Miami Beach is a highly desirable, sought-after marketplace that has seen rising rental rates and property values.

This, coupled with the evolution of the town center, increased tourism, and new construction puts this on any investors’ radar. Building represents an excellent opportunity to purchase a stabilized asset in a highly competitive Miami Beach apartment market with historically high occupancy rates and demand.

On of a kind income producing, 8 unit, multifamily building. Potential for future development. 100% occupied within an area that is experiencing high demand with less than 2% vacancy. High potential for rent increase. Very well maintained, units are updated and we already renting them much higher then prevous tenants pay! Laundry Income.. Most units were renovated and have appliances less than 1 year old.

City allows Hotel licensing- daily rentals oportunity!

 

Highlights: 

• Excellent Miami Beach Location
• Close Proximity to Normandy Area Shops and Dining
• Less than Two Miles from the Atlantic Ocean
• Quick Public Transportation Access
• Minutes from South Beach, Bal Harbor and Sunny Isles
• Historically High Occupancy Rates in Miami Beach
• Fully Occupied Building
• Partially Renovated Property (40 Year Certification in Place).