Description
INVESTMENT HIGHLIGHTS
10 Unit Apartment Building Offered at $1,998,000 at a 5.18% Cap Rate in Miami, FL
- Quiet Neighborhood
- Garden Courtyard
- Dock
- Waterfront
- Gated
EXECUTIVE SUMMARY
This one-of-a-kind waterfront property is located in the heart of Normandy Isle. Centrally located and steps from Normandy Shores Golf Course, bayfront tennis, the Normandy Pool & Park & the Normandy Fountain. Located in one of the few neighborhoods in Miami Beach that allows for redevelopment. Surrounded by single-family neighborhoods in high demand, with waterfront homes at an avg $ of $2M for sale or $7200 for rent, this property is perfectly positioned for redevelopment. With few neighborhoods offering the low key, amenity-rich lifestyle provided with this location, the redevelopment of this property will prove to be a smart endeavor. The current unit mix provides for a total of 10 units – 4 2BD’s, 4 1BD’s 1 3BD, & 1 studio with 143 linear feet of waterfront. Listed below appraised value!
PROPERTY FACTS
Price | $1,998,000 | Building Class | C |
Price Per Unit | $199,800 | Lot Size | 0.48 AC |
Sale Type | Investment | Building Size | 9,330 SF |
Cap Rate | 5.18% | Average Occupancy | 100% |
No. Units | 10 | No. Stories | 1 |
Property Type | Multifamily | Year Built | 1950 |
Property Subtype | Apartment | Opportunity Zone | No |
Apartment Style | Low Rise |
Property Overview
Price | $ 1,998,000 |
ID | 17 |
Type | Commercial |
Sold | No |
Contract | Sale |
Status | Available |
Home area | 9330 sqft |
Material | Block, Brick |
Position
Amenities
- Air conditioning
- Balcony
- Bedding
- Cable TV
- Cleaning after exit
- Cofee pot
- Computer
- Cot
- Dishwasher
- DVD
- Fan
- Fridge
- Grill
- Hairdryer
- Heating
- Hi-fi
- Internet
- Iron
- Juicer
- Lift