Current Use by Public Records
- Apartment buildings
Property Details for 1600 Pennsylvania Ave
- Year built
- 1953
- Property type
- Apartment buildings
- Property subtype
- Small apartment buildings
Description
This exceptional 19-unit apartment building presents a lucrative investment opportunity in the heart of Miami Beach, Florida. Located at 1600 Pennsylvania Avenue, this two-story, 1953-built property boasts a prime location adjacent to the renowned Lincoln Road shopping district. Its enviable position offers residents easy access to South Beach's vibrant attractions, including Ocean Drive, Collins Avenue, Washington Avenue, and Flamingo Park. The building comprises 18 spacious studios, averaging 438 square feet each, and a single, larger two-bedroom, two-bathroom unit spanning 866 square feet. Currently achieving an average effective rent of $4.25 per square foot, the property benefits from South Beach's historically high occupancy rates, promising strong and consistent rental income. The asking price for this exceptional multifamily asset is $6,000,000. This presents a rare chance to acquire a well-situated, income-generating property in one of Miami Beach's most desirable neighborhoods. The building's strong performance and prime location make it an ideal investment for discerning buyers seeking a high-return opportunity in the thriving South Beach market. The property's proximity to Lincoln Road and other key attractions ensures consistent tenant demand and strong rental income potential. This is a turnkey investment ready to generate immediate returns. The building's layout and unit mix cater to the high demand for rental units in this area. The property's age and condition are consistent with the typical standards for South Beach multifamily properties.
Value Estimations
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AI approach
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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
