Price Reduced 14.62%
Price History
$3,250,000
2/21/2024
$2,995,000
3/5/2024
$2,775,000
4/10/2024
1950
1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.
Status:
Active
Type:
Commercial
Units:
8
Zoning:
3900
Est. Taxes:
$43,229
Days on Market:
49
MLS #:
A11537022
Community Info
School Info
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Listing courtesy of CBRE, Inc. Phone: 954-462-5655