6877 Abbott Ave Miami Beach, FL 33141

Property Details for 6877 Abbott Ave

Year built

1954

Lot size

0.21 lot acres

Property size

8,140 SF

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building, located at 6877 Abbott Ave in Miami Beach, Florida (zip code 33141), presents a compelling investment opportunity. The property, built in 1954 and boasting 8,140 square feet on a 0.21-acre lot, features a desirable mix of six one-bedroom/one-bathroom and four two-bedroom/one-bathroom units. Nine of the ten units have undergone extensive renovations, including new impact windows and doors, updated kitchens and bathrooms, modern appliances, new flooring, lighting, plumbing fixtures, and electrical receptacles. Exterior improvements include new landscaping, custom secured fencing, custom railing, sealcoating, and painting. The building is currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $148,231, with a projected NOI of $171,984. The asking price is $2,650,000, representing a price per unit of $265,000, a 5.59% cap rate, and a pro-forma cap rate of 6.44%. The property is zoned RM-1 and benefits from its location in the revitalizing North Beach area, near the Town Center District, which is undergoing significant development and improvement, including upgrades to nearby parks. Water, sewer, and trash removal are included in the rent. This is a rare opportunity to acquire a well-maintained, high-occupancy multifamily property in a rapidly growing Miami Beach neighborhood.