1200 Pennsylvania Ave, Miami Beach, FL 33139
13 Unit Apartment Building | $3,950,000 ($303,846/Unit) | 5.51% Cap Rate | Miami Beach, FL 33139
For Sale
Active
20 pictures
Asking Price $3,950,000
- Property Type
-
Multifamily
- Square Feet
- 8,052 SF
Listing Contacts
Ugo Cortesano
- Property Info
Property Overview
Corte Real Estate Group is pleased to present for sale The Edroy Apartments, a 13-unit multi-family building located in South Beach, Miami Beach, Florida.
The property is located at 1200 Pennsylvania Avenue, just minutes away from Lincoln Road Mall, the newly renovated Miami Beach Convention Center and resides in the heart of South Beach, Florida's premier Art Deco District that attracts visitors from all over the world.
The Edroy Apartments consists of 8,052 rentable square feet built on a 7,000 square foot lot.
The property was constructed in 1938 and contains a total of 13 units, consisting of two 2 bedroom/2- bathroom units; three 2
bedroom/1-bathroom units; five 1 bedroom/1-bathroom units; and three large studio units.
The property is priced at $4,500,000, which breaks down to $346,154 per unit and $558 a square foot.
The building has been recently recertified and all units updated with brand new bathrooms and kitchens. The exterior features new impact windows, new awnings, plaster & paint, new gates.
Miami Beach has become a desirable location for investors due to the strong rental market and sustainable rent prices compared to other areas in Miami.
The historically high occupancy and location of the property sets it in one of Miami's most advantageous locations, with the potential for further growth and development.
Quintessential Art Deco multi-family building in the heart of South Beach. The Edroy Apartments is a boutique building designed by famed architect Ralph Murray Dixon & was formerly featured on the Art Deco tour.
This is an opportunity for any investor who seeks a stabilized, well-located property with upside in rental income.
The property is located at 1200 Pennsylvania Avenue, just minutes away from Lincoln Road Mall, the newly renovated Miami Beach Convention Center and resides in the heart of South Beach, Florida's premier Art Deco District that attracts visitors from all over the world.
The Edroy Apartments consists of 8,052 rentable square feet built on a 7,000 square foot lot.
The property was constructed in 1938 and contains a total of 13 units, consisting of two 2 bedroom/2- bathroom units; three 2
bedroom/1-bathroom units; five 1 bedroom/1-bathroom units; and three large studio units.
The property is priced at $4,500,000, which breaks down to $346,154 per unit and $558 a square foot.
The building has been recently recertified and all units updated with brand new bathrooms and kitchens. The exterior features new impact windows, new awnings, plaster & paint, new gates.
Miami Beach has become a desirable location for investors due to the strong rental market and sustainable rent prices compared to other areas in Miami.
The historically high occupancy and location of the property sets it in one of Miami's most advantageous locations, with the potential for further growth and development.
Quintessential Art Deco multi-family building in the heart of South Beach. The Edroy Apartments is a boutique building designed by famed architect Ralph Murray Dixon & was formerly featured on the Art Deco tour.
This is an opportunity for any investor who seeks a stabilized, well-located property with upside in rental income.
Property Details
- Class
- C
- Year Built
- 1938
- Stories
- 2
- Lot Size (sq. ft)
- 6,970 SF
- Units
- 13
Highlights
- A few steps from the beach
- Upside in Raising Rents to Market Level
- The Property is currently fully rented, 100% occupancy rate
- 40-year recertification passed and approved
- World Class Location in the Heart of South Beach
- The Edroy Apartments is a boutique building designed by famed architect Ralph Murray Dixon & was formerly featured on the Art Deco tour
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