145 Shore Dr Miami Beach, FL 33141
- Apartment buildings
- 4,081 SF
Current Use by Public Records
- Apartment buildings
Property Details for 145 Shore Dr
- Year built
- 1953
- Property size
- 4,081 SF
- Property type
- Apartment buildings
Description
This exceptional 4-unit apartment building, located at 145 South Shore Drive in Miami Beach, Florida, presents a compelling value-add investment opportunity. Situated on the prestigious Normandy Golf Course, this property boasts 4,081 square feet of living space, divided into a mix of one- and two-bedroom units. Currently operating at 100% occupancy, the property generates a current NOI of $76,220, with a pro-forma NOI projected at $97,820, reflecting a potential for significant income growth. The asking price is $1,550,000, representing a current cap rate of 4.92% and a pro-forma cap rate of 6.31%. Built in 1953, the single-story building sits on a 7,645 square foot lot and is zoned RM-1. Recent renovations include updated laminate and tile finishes in the units. Private parking is available for residents. This property offers a strong cash flow with significant upside potential, making it an ideal addition to any investor's portfolio. The property's prime location on the Normandy Golf Course in the heart of Miami Beach ensures high demand and strong rental income. The current gross annual income exceeds $103,000. This is a fully occupied, core investment with value-add potential.
Value Estimations
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Miami Beach
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.1326
- Latitude
- 25.8584