723 2 St Miami Beach, FL 33139

Property Details for 723 2 St

Year built

1925

Lot size

0.04 lot acres

Property size

2,549 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents an 8-unit, two-story apartment building in Miami Beach's highly desirable South of Fifth neighborhood. Built in 1925, this meticulously maintained Mediterranean Revival-style building boasts 2,549 square feet of net rentable space situated on a 0.04-acre corner lot. The property features individual electric hot water heaters, PVC plumbing, and wall air conditioning units. All units are currently 100% occupied and offer hardwood floors, ample closet space, and fully equipped kitchens, with select units featuring black and stainless steel appliances. The building is master-metered for electricity. Located at 723 2nd Street, it's just one block from Washington Avenue and within easy walking distance of Collins Avenue, offering unparalleled access to Miami Beach's vibrant dining, nightlife, and entertainment scene. The property benefits from its location in the Ocean Beach Historic District, a designated area preserving Miami Beach's architectural heritage. The permitted zoning is multifamily, presenting a value-add opportunity with below-market rents offering significant potential for increased income. This fee-simple ownership represents a rare chance to acquire a well-maintained multifamily property in a highly sought-after and scarce submarket, poised for long-term appreciation and consistent rent growth due to significant redevelopment in the area. The property's strong rental market is supported by a large and affluent population within a 3-mile radius, boasting an average household income exceeding $184,000. This presents a compelling investment opportunity in a thriving South Florida market.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Longitude

-80.13540365

Latitude

25.77117415