This Multifamily Property is Off-Market.

2905 Sheridan Avenue
Miami Beach, FL 33140 ·

8 Units · Multifamily For Sale

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Sherpine Apartments

Price N/A Cap Rate 4.50%
No. Units 8 Gross Rent Multiplier 12.84
Building Size 6,047 SF Occupancy 100%
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1936
Property Use Type Investment Lot Size 7,080 SF
Commission Split 3%
Listing ID: 17736455 Date Created: 07/06/2012 Last Updated: 10/31/2012

Description

This investment opportunity is rare since the "mid beach"section of Miami Beach is comprised mainly of upscale single family homes and there is minimal stock of apartment rentals in the area.

Additionally, there are very few for rent signs, no concessions, and minimal vacancy in the area which show how much apartment rentals are in demand here. Mid-Beach has seen its apartment rents and subsequent property values grow by a greater amount since 2008 than just about any other rental location in South Florida.

Investors from all over the world will continue investing here due to the safety, rent growth and value appreciation the real estate here provides that no other location in Dade couny truly compares to.

The Sherpine Apartments are located in the mid-beach section of Miami Beach, FL roughly half a mile west of the Atlantic Ocean. It is also four blocks from famous Collins Avenue and a few minutes north of South Beach a tourist destination. The property is located on Sheridan Avenue and is in between Royal Palm Avenue and Pinetree Drive.

Highlights

  • Internationally recognized Mid Beach/Miami Beach location
  • 35-45 Percent Value Appreciation since 2008
  • Significant rental upside (one unit at $1216 in rent currently)
  • Minimal Rental Competition/ Limited Stock of Rental Properties in the area
  • Minimal Vacancy/Tenant Turnover
  • Short distance to Collins Avenue and the Atlantic Ocean

Research

2905 Sheridan Avenue, Miami Beach, FL 33140 (Miami-Dade County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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