900 Pennsylvania Ave, Miami Beach, FL 33139
14 Apartment Units | Online Auction Sale | Miami Beach, FL 33139
For Sale
Active
25 pictures
- Property Type
-
Multifamily
- Square Feet
- 8,502 SF
Listing Contacts
Federico Rochwerger, PA
Carlos Silguero
- Property Info
Property Overview
900 Pennsylvania Avenue offers investors an incredible opportunity to enter the coveted South Beach multifamily market. This 14-unit multifamily asset comprises single-unit apartments. The garden-style building with beautiful landscaping and a pink exterior exudes Miami charm. The apartments feature spacious and gracious floor plans spread across two stories in a dense residential area. Most of these units have been upgraded over the years, allowing ownership to reap the benefits. The property comes equipped with surface parking for residents for an additional fee of $200 a month, or street parking is available on the surrounding streets. New ownership is presented with a value-add opportunity as many of the rents are below market rates. The buyers can raise rents to meet market rates and yield a greater profit all around.
South Beach is an excellent submarket for investors to enter, as it is highly coveted and has proved to be a hot spot for real estate. Available inventory in the submarket remains tight, with the submarket enjoying vacancy rates below the broader Miami market average of 5.8%. Sales activity accelerated in 2021 and 2022, eventually peaking in the first quarter of 2023 due to one major deal. 2023 volume totaled $307 million, a submarket record three times higher than elevated 2022 and 2021 deal volume levels. The South Beach Submarket is bordered by Downtown Miami and Mid-Beach and has historically been one of the most desired locations in the market for both residents and tourists. South Beach is home to Miami Beach, Ocean Drive, and the retail and entertainment amenities along Lincoln Road. It is also in an attractive location, about 12 miles from Miami International Airport and in close proximity to Port Miami and the office center of Brickell.
Flamingo is a vibrant and buzzing neighborhood famous in South Beach. At the heart of South Beach, Flamingo offers residents an easy way of life, with access to the beach, beautiful architecture, shopping, restaurants, entertainment, and more. Flamingo Park and Lummus Park are nearby, offering residents extra green space. Getting around from Flamingo is simple, with convenient access to the MacArthur Causeway and Interstate 195.
Property tours are available on 9/3 between 10:00-11:30 am by appointment only. Please contact the listing broker to schedule.
South Beach is an excellent submarket for investors to enter, as it is highly coveted and has proved to be a hot spot for real estate. Available inventory in the submarket remains tight, with the submarket enjoying vacancy rates below the broader Miami market average of 5.8%. Sales activity accelerated in 2021 and 2022, eventually peaking in the first quarter of 2023 due to one major deal. 2023 volume totaled $307 million, a submarket record three times higher than elevated 2022 and 2021 deal volume levels. The South Beach Submarket is bordered by Downtown Miami and Mid-Beach and has historically been one of the most desired locations in the market for both residents and tourists. South Beach is home to Miami Beach, Ocean Drive, and the retail and entertainment amenities along Lincoln Road. It is also in an attractive location, about 12 miles from Miami International Airport and in close proximity to Port Miami and the office center of Brickell.
Flamingo is a vibrant and buzzing neighborhood famous in South Beach. At the heart of South Beach, Flamingo offers residents an easy way of life, with access to the beach, beautiful architecture, shopping, restaurants, entertainment, and more. Flamingo Park and Lummus Park are nearby, offering residents extra green space. Getting around from Flamingo is simple, with convenient access to the MacArthur Causeway and Interstate 195.
Property tours are available on 9/3 between 10:00-11:30 am by appointment only. Please contact the listing broker to schedule.
Property Details
- Class
- C
- Year Built
- 1936
- Stories
- 2
- Lot Size (sq. ft)
- 6,970 SF
- Units
- 14
Highlights
- TOURS: Tue 9/3 10:00-11:30 AM - BY APPOINTMENT ONLY
- South Beach offers many amenities, such as access to Interstate 195 and a vibrant food, entertainment, and shopping scene.
- Population within a 5-mile radius has steadily grown over the past decade, with average household incomes surpassing $102,000 annually.
- This is the ideal submarket for investors as 70% of residents in the area rent rather than own their homes.
- 14-unit multifamily building in the heart of South Beach, Miami, with value-add opportunity through raising rents.
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