560 Michigan Ave Miami Beach, FL 33139

Property Details for 560 Michigan Ave

Year built

1937

Property size

10,000 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a stabilized, nine-unit apartment building in the heart of Miami Beach, Florida. Located at 560 Michigan Avenue, this property boasts two renovated buildings totaling 10,000-11,000 square feet on a 10,000 square foot double corner lot at 6th Street and Michigan Avenue. Built in 1937 and extensively renovated in 2016, the property features a mix of furnished one- and two-bedroom apartments, all equipped with fully equipped kitchens, bathrooms, and central air conditioning. Currently operating as short-term rentals with a 95% occupancy rate, the property generates a substantial net operating income (NOI) of $190,000, resulting in a 3.19% cap rate. The asking price is $5,950,000, translating to approximately $661,111 per unit. Each unit includes dedicated parking. Tenants are secured with corporate guarantees, and the property is leased under a NNN (Net, Net, Net) agreement. The property is classified as Class B and is zoned CPS2 MIXED RESIDENTIAL-COMMERCIAL, allowing for a potential future expansion up to 20,000 square feet. Its prime location near the 5th Street Mall, the new Five Park residential tower, City Park, Ocean Drive, and the beach ensures high demand and strong rental income. This is a rare opportunity to acquire a high-performing multifamily asset in one of Miami Beach's most desirable locations.