2822 Pine Tree Dr Miami Beach, FL 33140

Property Details for 2822 Pine Tree Dr

Property size

5,983 SF

Property type

Commercial real estate

APN

02-3227-004-0220

Description

This exceptional 12-unit apartment building in Miami Beach presents a compelling investment opportunity. Boasting a prime Mid-Beach location, just a 5-minute stroll from the beach, this property offers significant upside potential. The 5,983 square foot building sits on an 8,580 square foot lot (APN: 02-3227-004-0220) and features a mix of unit types: one two-bedroom, five one-bedroom, and six studio apartments. All units have undergone complete renovations, showcasing updated kitchens and bathrooms, new modern tile flooring, and in-unit washer/dryers. The building also benefits from spacious common areas, including shared porches with tables, seating, hammocks, and umbrellas, and on-site parking. Currently generating a NOI of $232,202 and a 5.28% cap rate, the property is priced at $4,400,000. The average in-place rent per unit is $2,175. While currently operating as 12 units, the building was originally constructed as 8 legally conforming units. Its location near the multi-million dollar homes on Pine Tree Drive and the upcoming Bayshore Park (a $42,800,000 development) further enhances its value and long-term prospects. The RM-1 zoning provides flexibility for future development. This property offers a rare combination of location, renovated units, and strong cash flow, making it an ideal investment in a highly sought-after Miami Beach neighborhood. The property's proximity to the beach and the upcoming Bayshore Park development promises continued appreciation and strong rental demand.