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531 16th St 14 Unit Apartment Building $1,700,000 ($121,429/Unit) Miami Beach, FL 33139
Executive Summary
Unique opportunity to acquire this Land Lease with excellent income-producing 14-unit multifamily building in the heart of South Beach. Building offers a healthy unit mix, fully rented, low expenses, quality long-term tenants. Favorable land lease structure expiring in 20 years, low fixed annual lease payment for the entirety of the lease term with no escalations! NEW ROOF! Completed December 2024. Great cap rate in a strong rental market with upside on rents, financing opportunities available. Located in the heart of South Beach and the historic Art Deco District, ideally situated just steps away from the world-famous Lincoln Road and its promenade of 200+ retail shops, restaurant and cafes. Building is well-kept and well-managed. Financials available upon request.
Property Facts
| Price | $1,700,000 | Apartment Style | Low-Rise |
| Price Per Unit | $121,429 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Sale Condition | Ground Lease (Leasehold) | Building Size | 9,824 SF |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1947 |
| Property Subtype | Apartment | Parking Ratio | 0.1/1,000 SF |
| Zoning | RM-1 - Residential Multi-Family | ||
| Price | $1,700,000 |
| Price Per Unit | $121,429 |
| Sale Type | Investment |
| Sale Condition | Ground Lease (Leasehold) |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 9,824 SF |
| No. Stories | 2 |
| Year Built | 1947 |
| Parking Ratio | 0.1/1,000 SF |
| Zoning | RM-1 - Residential Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
| 1+1 | 4 | - | - |
| 2+1 | 2 | - | - |
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Exceptionally walkable
100/100
Moderately drivable
60/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02-3234-002-0680 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,502,500 |
Property Taxes
Parcel Number
02-3234-002-0680
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,502,500
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531 16th St