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560 Michigan Ave
Miami Beach, FL 33139
Multifamily Property For Sale
·
9 Units
Executive Summary
This income producing property includes two renovated buildings in Miami Beach with furnished one & two bedroom apartments, licensed for short term rentals and currently leased on an NNN basis to an operating company. A future owner can choose to keep the operating company in place, enjoying steady income not subject to occupancy fluctuations, or instead operate under own management. The remodeled 9 units offer fully equipped kitchens & bathrooms as well as central AC. The property consists of two separate folios and is located on a double corner lot at 6th Street and Michigan Avenue in the heart of South Beach, close to the 5th Street Mall and the new Five Park residential tower & City park. Ocean Drive, the beach as well as the exclusive South of Fifth neighborhood are just blocks away, making this an extremely attractive location for visitors and short term tenants. Zoning is CPS2 commercial - residential mix used - FAR 2,which allows further development up to 20,000 Sq/Ft. Please ask us for proposed design renderings.
Property Facts
| Price Per Unit | $644,444 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 10,000 SF |
| No. Units | 9 | Average Occupancy | 88% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1939/2016 |
| Apartment Style | Low-Rise | Parking Ratio | 0.9/1,000 SF |
| Zoning | CPS-2 - Mixed Residential/Commercial Zoning, which allow short-term rental, hotel use, apartments, medical and office use | ||
| Price Per Unit | $644,444 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Lot Size | 0.11 AC |
| Building Size | 10,000 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built/Renovated | 1939/2016 |
| Parking Ratio | 0.9/1,000 SF |
| Zoning | CPS-2 - Mixed Residential/Commercial Zoning, which allow short-term rental, hotel use, apartments, medical and office use |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Microwave
- Kitchen
- High Speed Internet Access
- Refrigerator
- Walk-In Closets
- Carpet
- Dining Room
- Garden
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Property Manager on Site
- Gated
- Guest Apartment
- Maid Service
- Wi-Fi
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 390 - 450 |
| 2+2 | 4 | - | 550 - 650 |
Property Taxes
| Parcel Number | 02-4203-009-7780 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,837,145 |
Property Taxes
Parcel Number
02-4203-009-7780
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,837,145
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