350 69 St Miami Beach, FL 33141

Property Details for 350 69 St

Year built

1953

Lot size

0.21 lot acres

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building, located at 350 69th Street in Miami Beach's North Beach area, presents a compelling investment opportunity. Boasting 8,300 square feet of net rentable space, the property features a desirable mix of four studios, four one-bedroom/one-bathroom units, and two three-bedroom/two-bathroom units. Built in 1953 of concrete block construction, the building has undergone extensive renovations, including new impact windows and doors, updated kitchens and bathrooms, modern appliances, new flooring, lighting, plumbing fixtures, and electrical receptacles in all units. Exterior improvements include new landscaping, custom secured fencing, custom railing, sealcoating, and fresh paint. Currently operating at 100% occupancy (as of October 25, 2024), the property generates a strong Net Operating Income (NOI) of $152,722, with a pro-forma NOI projected at $173,124, resulting in a current cap rate of 5.45% and a pro-forma cap rate of 6.18%. The asking price is $2,800,000, or $280,000 per unit. Situated on a 0.21-acre lot, the property is zoned RM-1 and benefits from its location within the revitalizing North Beach Town Center District, an area experiencing significant growth and development, including upgrades to nearby parks. Water, sewer, and trash removal are included in the rent. This turnkey investment offers a blend of strong current performance and significant upside potential in a rapidly appreciating market.