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Property summary
This exceptional investment opportunity presents a four-unit apartment building situated in Miami Beach's desirable Normandy Isles. The property boasts a total of 4,524 square feet, encompassing four spacious two-bedroom, two-bathroom units, each currently 100% occupied. Built in 1947, this two-story building sits on a lot with potential for expansion, offering a unique advantage for future development. The asking price is $1,649,000, translating to $412,250 per unit and a price per square foot of $364.50. The property's strong financial performance is evident in its projected annual gross income exceeding $132,000 (including coin laundry income) and a pro-forma net operating income (NOI) of $94,518. Estimated annual expenses, including property taxes ($14,382), landscaping ($3,000), insurance ($7,500), water ($6,000), and trash ($6,600), total approximately $37,482. Each unit features separate electric meters. The property's location offers unparalleled access to Miami's sandy beaches, Biscayne Bay, community parks, a pool, and the Normandy Shores Golf Course. The inclusion of an additional lot presents significant potential for future expansion, adding a pool or additional units. This property is zoned RM-1 and is ideal for various uses, including Airbnb rentals, annual rentals, or owner-occupancy. The current rents are below market value, presenting an opportunity for increased revenue. The property's APN is 02-32-10-017-0340.
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6 recent transactions · within 1.5 miComparable in this City
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Property description
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