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901 Pennsylvania Ave 10 Unit Apartment Building $3,499,000 ($349,900/Unit) Miami Beach, FL 33139

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Investment Highlights

Value-Add Angles: Lease-up vacancies, push rents to market, potential facade/retail repositioning
Recent CapEx: Full roof replacement (2023), new AC units, exterior paint, landscaping

Rare Entitlement: Legacy retail use in R-O zone — not typically permitted

Executive Summary

901 Pennsylvania Avenue is a two-story, free-standing mixed-use asset in the heart of South Beach at Pennsylvania Ave & 9th Street, with visibility from Washington Avenue and direct adjacency to a City-owned public parking lot. The building totals 10 units: six residential apartments upstairs and four ground-floor commercial suites (two corner-oriented and two interior). A landscaped courtyard frontage enhances curb appeal and tenant experience, while the location supports durable mixed-use demand from both local and tourist-driven traffic. The property is zoned RO (Residential/Office) (residential + office permitted), and it also benefits from a current Certificate of Use allowing Retail Sales—a meaningful differentiator within RO (buyer to independently verify transferability/continued validity).

Property Facts

Price	$3,499,000	Apartment Style	Low-Rise
Price Per Unit	$349,900	Building Class	C
Sale Type	Investment	Lot Size	0.17 AC
Sale Conditions	Distress Sale Deferred Maintenance High Vacancy Property	Building Size	7,387 SF
No. Units	10	Average Occupancy	50%
Property Type	Multifamily	No. Stories	2
Property Subtype	Apartment General Retail Storefront Retail/Residential Office Office Residential	Year Built/Renovated	1948/2023
Zoning	RO - Residential Office. The main permitted uses in the RO residential/office district are single-family dwelling; apartments; and offices.

Price	$3,499,000
Price Per Unit	$349,900
Sale Type	Investment
Sale Conditions	Distress Sale Deferred Maintenance High Vacancy Property
No. Units	10
Property Type	Multifamily
Property Subtype	Apartment General Retail Storefront Retail/Residential Office Office Residential
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.17 AC
Building Size	7,387 SF
Average Occupancy	50%
No. Stories	2
Year Built/Renovated	1948/2023
Zoning	RO - Residential Office. The main permitted uses in the RO residential/office district are single-family dwelling; apartments; and offices.