1600 Pennsylvania Ave Miami Beach, FL 33139
- Apartment buildings
- 13,450 SF
- 0.17 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1600 Pennsylvania Ave
- Year built
- 1953
- Lot size
- 0.17 lot acres
- Property size
- 13,450 SF
- Property type
- Apartment buildings
Description
This exceptional 20-unit apartment building in Miami Beach, Florida, presents a compelling investment opportunity. Located at 1600 Pennsylvania Ave, this Class C property boasts 13,450 square feet on a 0.17-acre lot and is zoned RM-1 Multi-Family. Built in 1953 with significant renovations completed in 2023, the building features a mix of unit types, including primarily studios and one larger two-bedroom, two-bathroom unit. The property currently enjoys 100% occupancy, generating a strong Net Operating Income (NOI) of $321,160, representing a 5.35% cap rate. The asking price is $6,000,000, or $300,000 per unit, and $446.10 per square foot. Five convenient parking spaces are included, a rare amenity in this highly desirable South Beach location, steps from Lincoln Road. The building recently passed its 40-year recertification in October 2023. This property offers significant upside potential through future rent increases in this robust Miami Beach rental market. The building's prime location, high occupancy, and recent renovations make it an attractive investment for discerning buyers seeking strong returns in a world-class location. The property is a two-story building.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Miami Beach
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.1346
- Latitude
- 25.7893
