1600 Pennsylvania Ave Miami Beach, FL 33139

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.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Longitude

-80.1346

Latitude

25.7893