1986 Biarritz Dr Miami Beach, FL 33141

This exceptional Miami Beach investment opportunity presents a 27-unit apartment building situated on a double lot in the desirable Normandy Isles. Built in 1971 and extensively renovated in 2019, this three-story, Class B property boasts 24,067 square feet of net rentable space, currently operating at 100% occupancy. The building features a concrete poured slab and roof construction, providing low insurance costs, along with one parking space per unit and an elevator. Individual unit amenities include central AC, balconies, and impact windows. Kitchens and bathrooms have been recently renovated. The property sits on a 15,000 square foot lot, zoned RM1, and offers a significant value-add opportunity through the addition of in-unit washers and dryers. Currently generating a strong Net Operating Income (NOI) of $451,208, the rents are 11-14% below market, presenting substantial upside potential for increased profitability. This gated community offers a secure and desirable living environment for residents. The asking price is $8,600,000, representing a compelling investment in a prime Miami Beach location.