Sevilla Condominium 642 Michigan Ave 25 Unit Apartment Building $4,340,000 ($173,600/Unit) 7.93% Cap Rate Miami Beach, FL 33139

Matthews™ is pleased to present the rare opportunity to acquire 25 of the 29 total units at the historic Sevilla Condominium in the heart of South Beach. This majority-control position allows an investor to immediately take over the association and direct the path toward stabilization.
Offered at a significant discount to market, the property provides exceptional upside. Sevilla is currently non-operational due to the pending 40-Year Recertification, creating a unique chance to purchase in a premier location at a substantially reduced basis. Upon completion of required structural and electrical improvements, the investor will have the ability to reposition the building into a strong cash-flowing asset in one of the most supply-constrained rental markets in the country.
The portfolio includes 20 studios, each capable of achieving market rents of approximately $1,800 per month, four one-bedroom units, to rent for $2,150 per month and one two-bedroom unit, with projected rent of $2,400 per month.
With a walkable location near Ocean Drive, Lincoln Road, Washington Avenue, and Miami Beach’s major employment and tourism hubs, Sevilla offers unmatched future demand and appreciation potential. This is a rare value-add acquisition in South Beach pairing control, location, and pricing power— a combination which is an extremely rare find in the Miami Beach market.