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The Jerrico Apts: A Story to be Continued 235 78th St 26 Unit Apartment Building $8,500,000 ($326,923/Unit) Miami Beach, FL 33141
INVESTMENT HIGHLIGHTS
- 10 Year Recertification Completed in 2025!
- Short-term rental potential (consult city).
- Historic preservation tax incentives.
- Boutique hotel or spacious apartments.
- 25-unit historic gem for transformation.
- Development boom underway with major projects.
EXECUTIVE SUMMARY
The Jerrico Apts Hotel, designed by the visionary architect Tony M. Sherman in 1951, stands as a striking example of Miami Modern (MiMo) architecture, offering a unique blend of clean lines, geometric shapes, and vibrant colors. Located on 78th Street, this 25-unit historic gem has witnessed decades of history, from its vibrant beginnings in the golden age of Miami Beach to the present day, where it awaits a new chapter. Recently, the 10-year recertification was completed in 2025, ensuring the building's continued structural integrity. The tenants are on month-to-month leases, allowing for the flexibility to adjust rents to competitive market rates. With twenty 1-bedroom units, many offering flex space, and six studios, there’s tremendous potential to transform the property into a thriving boutique hotel or flexible residential rentals. The Jerrico Apts is not just a property; it's a piece of Miami Beach's rich history, offering the opportunity to blend the past with modern luxury. Enhancements, including window and door replacements, short-term rental-compliant AC units, and electrical upgrades, have already been completed with city permits. The North Beach area, home to the Jerrico Apts, is undergoing a revitalization, spurred by the North Beach Community Redevelopment Agency, promising a wave of new development and infrastructure improvements. With Miami Beach offering tax incentives for historic preservation and the area primed for growth, this is a rare opportunity to own a piece of a beloved landmark in an emerging neighborhood.
PROPERTY FACTS
| Price | $8,500,000 | Building Class | C |
| Price Per Unit | $326,923 | Lot Size | 0.38 AC |
| Sale Type | Investment | Building Size | 17,914 SF |
| No. Units | 26 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1951 |
| Property Subtype | Apartment | Parking Ratio | 0.39/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-1 - Able to be a legal short term rental per Sec 142-111(d), and its qualifications as a historic property in North Shore Historic District | ||
| Price | $8,500,000 |
| Price Per Unit | $326,923 |
| Sale Type | Investment |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 17,914 SF |
| No. Stories | 2 |
| Year Built | 1951 |
| Parking Ratio | 0.39/1,000 SF |
| Zoning | RM-1 - Able to be a legal short term rental per Sec 142-111(d), and its qualifications as a historic property in North Shore Historic District |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Walking/Biking Trails
- Maintenance on site
- Walk-Up
- Smoke Detector
1 1
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 02-3202-007-0190 | Improvements Assessment | $10,000 |
| Land Assessment | $4,950,000 | Total Assessment | $4,960,000 |
PROPERTY TAXES
Parcel Number
02-3202-007-0190
Land Assessment
$4,950,000
Improvements Assessment
$10,000
Total Assessment
$4,960,000
CONTACTS
-
Tony Saladrigas -
Vicente Rodriguez -
Carlos Fausto Miranda -
Fausto Commercial Realty Consultants
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VIDEOS
MATTERPORT 3D EXTERIOR
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The Jerrico Apts: A Story to be Continued | 235 78th St
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