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625 Michigan Ave 6 Unit Apartment Building $2,200,000 ($366,667/Unit) Miami Beach, FL 33139
Executive Summary
In the heart of South Beach. Suitable for renovation and conversion into luxury rentals or condos. Total of 6 units. Consists of two joined buildings on the same 7,000 sq. ft. lot. Front building, Art Deco, built in 1936, with 4 units, three 2/1 apartments and one 1/1 apartment. Rear building, built in 1965 with 2 units, one 2/2 apartment on the ground floor, and, unusual for South Beach, a 3/2 apartment with a den on the second floor. Both rear building units have screened patios. Total of 6 electric meters, one for each unit.
The front building also has gas, with 4 individual meters. Three of the units are rented at below market rates with no leases, owner lives in one unit, two units are vacant. Convenient location, walking distance to the beach, South Beach nightlife, Biscayne Bay, Publix, Walgreen's, CVS, and target.
The front building also has gas, with 4 individual meters. Three of the units are rented at below market rates with no leases, owner lives in one unit, two units are vacant. Convenient location, walking distance to the beach, South Beach nightlife, Biscayne Bay, Publix, Walgreen's, CVS, and target.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$45,960
|
$5.95
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$45,960
|
$5.95
|
| Taxes |
$24,454
|
$3.16
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$24,454
|
$3.16
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $45,960 |
| Annual Per SF | $5.95 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $45,960 |
| Annual Per SF | $5.95 |
| Taxes | |
|---|---|
| Annual | $24,454 |
| Annual Per SF | $3.16 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $24,454 |
| Annual Per SF | $3.16 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $2,200,000 | Building Class | C |
| Price Per Unit | $366,667 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 7,728 SF |
| Sale Condition | Deferred Maintenance | Average Occupancy | 50% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1936 |
| Property Subtype | Apartment | Parking Ratio | 0.39/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-1 | ||
| Price | $2,200,000 |
| Price Per Unit | $366,667 |
| Sale Type | Investment |
| Sale Condition | Deferred Maintenance |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,728 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built | 1936 |
| Parking Ratio | 0.39/1,000 SF |
| Zoning | RM-1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | - | - |
| 2+2 | 1 | $1,335 | - |
| 2+1 | 3 | - | - |
| 1+1 | 1 | $1,160 | - |
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Exceptionally walkable
90/100
Fairly drivable
40/100
Some public transit
40/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02-4203-009-6390 | Total Assessment | $1,350,132 |
| Land Assessment | $0 | Annual Taxes | $24,454 ($3.16/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Number
02-4203-009-6390
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,350,132
Annual Taxes
$24,454 ($3.16/SF)
Tax Year
2025
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Contact the Sale Advisor
625 Michigan Ave