6871 Abbott Ave Miami Beach, FL 33141

Property Details for 6871 Abbott Ave

Year built

1948

Lot size

0.56 lot acres

Property size

21,910 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 28-unit apartment building located at 6871 Abbott Ave, Miami Beach, FL 33141. The property, comprised of three two-story buildings totaling 21,910 square feet on a 0.56-acre lot, boasts a desirable unit mix: four studios, sixteen one-bedroom/one-bathroom units, six two-bedroom/one-bathroom units, and two three-bedroom/two-bathroom units. Built between 1948 and 1954, and extensively renovated in recent years, the buildings feature concrete block construction. The renovations encompass both interior and exterior improvements, including new impact windows and doors, updated kitchens and bathrooms with new appliances, upgraded flooring, lighting, plumbing fixtures, and receptacles. Exterior enhancements include new landscaping, custom secured fencing, custom railing, sealcoating, and painting. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $424,215, with a pro-forma NOI of $474,351 and a pro-forma cap rate of 6.50%. Utilities including water, sewer, and trash removal are included in the rent. The asking price is $7,300,000, representing a price per square foot of $349.28 and a price per unit of $260,714.29. The property is zoned RM-1 and benefits from its location in the revitalizing North Beach area, experiencing significant growth and development within the Town Center District. This district features high-density zoning and numerous ongoing projects, including updates to nearby parks. The property's strong rental market and updated units make it an attractive investment prospect. Most units feature all-electric appliances, including microwaves and dishwashers