1200 Pennsylvania Ave Miami Beach, FL 33139

Property Details for 1200 Pennsylvania Ave

Year built

1938

Property size

8,052 SF

Property type

Commercial real estate

Description

This exceptional 13-unit apartment building presents a compelling investment opportunity in the heart of Miami Beach's Art Deco District. Located at 1200 Pennsylvania Avenue, this two-story, 8,052 square foot building sits on a 7,000 square foot lot and boasts a 100% occupancy rate. Built in 1938 and recently recertified, the property features a mix of unit types: two 2-bedroom/2-bathroom, three 2-bedroom/1-bathroom, five 1-bedroom/1-bathroom, and three large studio units. Recent renovations include brand new bathrooms and kitchens in all units, along with exterior upgrades such as impact windows, new awnings, fresh plaster and paint, and new gates. The building's current Net Operating Income (NOI) is $209,594, yielding a 5.31% cap rate. However, a pro-forma NOI of $318,194 projects an 8.06% cap rate, reflecting significant upside potential. The asking price is $3,950,000, translating to $303,846 per unit and $490.56 per square foot. This meticulously maintained property, designed by famed architect Ralph Murray Dixon and formerly featured on the Art Deco tour, offers investors a rare chance to acquire a stabilized, high-performing asset in one of Miami Beach's most desirable locations, just steps from the beach and close to Lincoln Road Mall and the Miami Beach Convention Center. The RM-1 zoning provides flexibility for future development. This is a truly unique opportunity to own a piece of Miami Beach history with strong potential for future growth.