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Miami Beach, Florida 33140

Great Investment Opportunity In South Beach Miami. Two individual 1bed/1bath apartments each 490 sq ft, side-by-side, in a Charming Classic Miami Beach Art Deco Building in the Heart of South Beach for Sale. Units could be combined and Sold for $389,000, but you would have to confirm that with the city and get all necessary permitting to do so. Or they can be sold individually for $199,000 each. Built on the Indian Creek Canal, 1 Block from Collins Ave, and 2 Blocks from the blue water and white sandy beaches of South Beach. Near all the restaurants, hotels, nightclubs, lounges, beach, and more. Down the Block from the Fontainebleau Hotel, The Edition, Faena, Delano, SLS, Setai, W, Lincoln Rd, Ocean Drive, and much more. Truly a great location! Additionally, this is one of the few buildings in a "Short-Term Rental Zone" of Miami Beach, which means you are allowed to rent nightly, weekly, monthly, or annually, allowing you to maximize profits should you choose to do vacation rentals (nightly or weekly stays). Annually Rents are quite high in South Beach per sq ft as well, so the property should be cash flow positive regardless of which way you choose to rent it, providing you are not the end user. The apt's currently have tenants, so you would have instant cash flow, no need to rehab at the moment. The units are nice and livable, however could use some updating and rehab, but they are small units, and it would not be too costly to rehab. Finally, this building just went through it's 40 year inspection, along with a few assessments, and the building is vastly improved and updated, however this work is still ongoing, but nearing completion. The building has all new impact glass windows, all new ptac ac units for each apt were required, concrete restoration/repair, fresh paint, new lobby, and the building does have a pool as well in the courtyard. There is also an assessment payment on top of the monthly maintenance for the next 11 months of around $600/month/unit to pay for the assessment/work that has been done and is still being executed. I am not an Agent or Broker, I am the Owners Representative. Please feel free to contact me if you are interested and I can relay your offers. Thank You.

Property Info

Beds 1
Baths 1
Sqft (Living) 980 sq ft.
Sqft (Lot) 1 sq ft.
Year Built 1935
Deal Type Wholesale
Property Type Condo / Townhouse
ARV $250,000
Estimated Rent $1800
Building Block Construction

Location

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