1150 8 St, Miami Beach, FL 33139

Property Details for 1150 8 St

Year built

1948

Property type

Small apartment buildings

Description

This exceptional 4-unit apartment building, located at 1150 8th Street in Miami Beach, Florida, presents a compelling investment opportunity. Built in 1948, this two-story structure boasts a prime location steps from the 500 Alton Project and a new 3-acre park planned for Alton Road. The property sits on the same block as the new Baptist Health Center, ensuring high visibility and accessibility. The flexible CD-2 zoning allows for a variety of uses, including medical offices, retail spaces, hotels, and short-term rentals, providing significant development potential. With a high traffic count intersection and proximity to major retailers, this property benefits from exceptional commercial viability. The building's Floor Area Ratio (FAR) of 2.0 allows for the development of a 15,000 square foot, 5-story building. Currently generating a total monthly income of $15,700, this translates to a 5.3% capitalization rate, with significant upside potential for rental increases. Tenants are responsible for all expenses except for monthly gardening fees, annual taxes, and insurance, which are covered by the owner. All four units are identically furnished, with a complete inventory list available. This property is ideal for owner-users, developers, or investors seeking a high-return, multi-use asset in a rapidly developing area of Miami Beach. The asking price is $3,450,000. The property's zip code is 33139.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Longitude

-80.1403942

Latitude

25.778076