Marcus & Millichap is please to present 700 85th Street in Miami Beach, Florida which is a boutique eight unit, two story apartment building, built in 1954 of concrete on a 6,175 square foot lot. The property consists of 4 two-bedrooms/two bathroom units, 2 two-bedroom/one bathroom units and 2 large studios/one-bathroom units, with an average unit size of 900 square foot. The building was renovated in 2014 with numerous capital improvements, including new tile and refinishing wood flooring, complete upgraded kitchens with stainless steel appliances, PTAC air conditioning units, new bathrooms, gas stoves, interior and exterior painted. In 2007 the roof was replaced along with the windows & installed accordion hurricane shutters. The property also has an onsite laundry facility with gated access and security cameras for the tenants safety.
The property is located on Crespi Island which is just a short 5 minute walk east on 85th Street to the Atlantic Ocean. Collins Avenue is just a couple blocks west, where there is a number of restaurants, bars, shops, and business within walking distance of the subject property. North Beach area has become very desirable for investors due to the strong rental market and more reasonably priced assets compared to other areas of Miami Beach. The surrounding area contains a number of existing properties with a vibrant mixture of retail, restaurant, entertainment, and residential uses. The location of the property sets in as one of Miami's most the potential areas for further growth and development.
