VALUE ADD OPPORTUNITY 8- Unit Art Deco Apartment Building with value add land for expansion just steps from world-renowned Ocean Drive. Fully rented 4 - 1B/1B and 4 Studio with upside potential. ONE Sotheby's is pleased to offer for sale The Agapi Apartments, an 8-unit apartment building located in the South Beach neighborhood of Miami Beach, Florida.
The Agapi was constructed in 1935 by famous art deco architect, T Hunter Henderson, and consists of an 8-unit, two-story building on a .16-acre site. The property sits on a great location- 7th Street between Pennsylvania Avenue and Meridian in the RM-1 Miami Beach Subdivision. Zoned 38-62 units to the acre, medium intensity multifamily district which allows for an additional 8 units to be built on the site to maximize returns. The property has an additional 4,000 buildable SF, it being perfect for development opportunities.
The property is made up of 4 one-bedroom and one-bathroom apartments with approximately 700 rentable square feet and 4 Studios. Each apartment has its own electric meter, wall air-conditioning, separate gas hot-water heater, gas stoves, solid wood cabinets, and wood flooring. All the 8 units have new kitchens, 5 of which are stainless steel. Additionally, 2 of the apartments are fireplaces. 3 of the units are fully renovated. The property is all re-paved and landscaped. Although there have been some renovations to the property, it has not been completely renovated, like many buildings on the Beach, which provides an excellent value add opportunity.
The Agapi has a terrazzo courtyard in the front and back. The building has 5 freshly re-paved parking spaces and a +/- 200 SF shed behind the property. The back courtyard area is gated. There are new stairwells in both the back and front of the building, which are updated to the new code. Over 50% of the plumbing has also been re-done in the building.
Although the Agapi is over 80-years old, it still has not lost its “Art Deco” style and charm. This is a solid building with a 40-year building certification and provides its residents with a tranquil place to live. The immediate neighborhood is comprised of mainly residential buildings, with commercial buildings several blocks East along 8th Street to Ocean Drive.
