670 46 St, Miami Beach, FL 33140

Property Details for 670 46 St

Year built

1920

Lot size

0.24 lot acres

Property type

Commercial real estate

Description

This exceptional 12-unit apartment building presents a compelling value-add investment opportunity in Miami Beach's highly desirable Nautilus neighborhood. Built in 1920, this two-story, concrete block structure boasts 7,026 square feet of net rentable space situated on a 0.24-acre lot. The property features a desirable unit mix including two 1-bedroom/1.5-bathroom plus den units, two 1-bedroom/1-bathroom units, and eight studio units, all currently at 100% occupancy. Ten on-site parking spaces cater to residents. The building offers an interior corridor style, lush landscaping, and is conveniently located on a quiet residential street, steps from Surprise Lake. Its prime location provides easy access to Collins Avenue (A1A), known for its diverse dining, entertainment, and shopping options, as well as Mount Sinai Medical Center, public beaches, and major roadways including A1A, SR 907, and I-95. The property's current rents are significantly below market, presenting a substantial opportunity for increased revenue through hands-on management or a value-added strategy. This offering represents a rare chance to acquire a well-located multifamily property in a thriving Miami Beach submarket poised for continued growth and appreciation, with a strong rental market and a high concentration of employment opportunities nearby. The asking price is $3,300,000, or $275,000 per unit, reflecting a price per square foot of $470. The property is offered fee simple. Within a 3-mile radius, over 81,300 people reside, with an average household income exceeding $121,284, and over 53,700 employees are within the same area. The property is located at 670 W 46th St, Miami Beach, FL 33140.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Longitude

-80.1292069

Latitude

25.8205876