7905 Crespi Blvd Miami Beach, FL 33141

Property Details for 7905 Crespi Blvd

Year built

1947

Property type

Small apartment buildings

Description

This exceptional Miami Beach investment property, located at 7905 Crespi Blvd, offers a rare opportunity to acquire a waterfront duplex and a studio apartment. The property, built in 1947, sits on a 5,750 square foot lot and features three units: two two-bedroom, two-bathroom apartments and a studio. Currently generating a monthly income of $4,095, with a potential increase to $6,400 through renovations and rent adjustments, the property boasts a 3% capitalization rate. All leases are month-to-month, providing flexibility for the new owner. A significant advantage is the property's successful completion of a 40-year inspection in 2019. Furthermore, an adjacent fourplex at 7885 Crespi Blvd is available for purchase, doubling the lot size to 11,500 square feet, opening possibilities for substantial expansion. This could involve renovations to increase rental income or a complete rebuild to potentially accommodate 15-22 units. The asking price is $1,575,000, with 50% seller financing available at a 10% interest rate. Note that if financing is utilized, there is no financial contingency. This is a prime opportunity for investors seeking significant returns in a desirable Miami Beach location.