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Harbor Lofts 1025-1029 94th St 12 Unit Apartment Building $6,250,000 ($520,833/Unit) Miami Beach, FL 33154
Investment Highlights
- Substantially Renovated
- Premium location
Executive Summary
Harbor Lofts is located at 1029 94th Street, is a 12-unit multifamily investment opportunity ideally situated in Bay Harbor Islands, one of Miami-Dade County’s most supply-constrained submarkets. Constructed in 1951 and substantially renovated, inside and out in recent years, the property is situated on an 11,250 SF (0.26-acre) lot and comprises 8,230 SF of net rentable living space across two stories.
The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity.
The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.
The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity.
The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.
Property Facts
| Price | $6,250,000 | Building Class | C |
| Price Per Unit | $520,833 | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 8,230 SF |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1951 |
| Property Subtype | Apartment | Parking Ratio | 0.97/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-2 - Residential and Multifamily | ||
| Price | $6,250,000 |
| Price Per Unit | $520,833 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 8,230 SF |
| No. Stories | 2 |
| Year Built | 1951 |
| Parking Ratio | 0.97/1,000 SF |
| Zoning | RM-2 - Residential and Multifamily |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $2,091 | 680 |
| 2+1 | 1 | $2,300 | 750 |
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Moderately walkable
70/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 13-2227-001-2630 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,222,770 |
Property Taxes
Parcel Number
13-2227-001-2630
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,222,770
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Harbor Lofts | 1025-1029 94th St