2011 Bay Dr Miami Beach, FL 33141

Property Details for 2011 Bay Dr

Property size

12,508 SF

Property type

Commercial real estate

Description

This fully renovated, 15-unit apartment building in Miami Beach's North Beach offers a compelling investment opportunity. Located on Bay Drive, this four-story, Mediterranean-style building boasts 12,508 square feet on a 7,266 square foot lot. All 15 units are large one-bedrooms (830+ sq ft), currently 100% occupied with an average rent of $1,812 per month, presenting significant upside potential given below-market rents. Recent renovations include impact windows and glass, updated plumbing, new appliances, granite countertops in select units, new lighting, security cameras, controlled access, porcelain tile flooring, fresh paint, resurfaced parking lot, updated railings and hallways, and a renovated elevator with waterproofed shaft. The building features a reinforced concrete roof, covered on-site parking, and a 40-year recertification. The property benefits from its prime location, minutes from the beach and major retailers like Publix, and is situated within a rapidly developing area slated for significant investment and improvement as part of a North Beach master plan. The current NOI is $226,939, with a pro-forma NOI of $284,778 and a pro-forma cap rate of 6.00%. The asking price is $4,750,000, representing a current cap rate of 4.80% and a price per square foot of $379.76. The property is zoned RM-1. This turnkey investment offers strong cash flow and significant potential for future appreciation.