1600 Pennsylvania Ave, Miami Beach, FL 33139
20 Unit Apartment Building | $6,000,000 ($300,000/Unit) | Miami Beach, FL 33139
For Sale
Active
Asking Price $6,000,000
- Property Type
-
Multifamily
- Square Feet
- 13,450 SF
Listing Contacts
Ugo Cortesano
- Property Info
Property Overview
Corte Real Estate Group, exclusive marketing advisor, is pleased to present the White House Apartments at Lincoln Road, a 19-unit multifamily building property in the heart of South Beach. The property is located adjacent to the famous Lincoln Road, a highly desirable location for renters on South Beach. Furthermore, the property is within walking distance to all of South Beach’s attractions including Ocean Drive, Collins, Washington Avenue and Flamingo Park.
The building has a total of 19 units, of which 18 units are large studios of an average size of 438 square feet, and one unit is a two-bedroom, two-bathroom apartment of 866 square feet. The 19 units are in line with South Beach’s typical standards, which historically have been running close to 100% occupancy rates. In-place effective rents at the property average $4.25 per square foot. Corte Real Estate Group Econometric Advisor anticipates rent increases of 4.8%, and 4.4% over the next two years within Miami Beach. Thus, the purchaser has a unique opportunity to acquire the “White House Apartments at Lincoln Road” during an advantageous time in the market cycle. This presents the purchaser with a rare and compelling investment opportunity in a highly desirable location with significant rental income upside.
Parking Spots are very rare to find in properties like this, and a huge plus for Tenants. The parking spots can also be rented separately or directly to your Tenants.
40-year recertification passed and was approved on October 2023.
The Property is currently fully rented, 100% occupancy rate.
The building has a total of 19 units, of which 18 units are large studios of an average size of 438 square feet, and one unit is a two-bedroom, two-bathroom apartment of 866 square feet. The 19 units are in line with South Beach’s typical standards, which historically have been running close to 100% occupancy rates. In-place effective rents at the property average $4.25 per square foot. Corte Real Estate Group Econometric Advisor anticipates rent increases of 4.8%, and 4.4% over the next two years within Miami Beach. Thus, the purchaser has a unique opportunity to acquire the “White House Apartments at Lincoln Road” during an advantageous time in the market cycle. This presents the purchaser with a rare and compelling investment opportunity in a highly desirable location with significant rental income upside.
Parking Spots are very rare to find in properties like this, and a huge plus for Tenants. The parking spots can also be rented separately or directly to your Tenants.
40-year recertification passed and was approved on October 2023.
The Property is currently fully rented, 100% occupancy rate.
Property Details
- Class
- C
- Year Built/Renovated
- 1953/2023
- Stories
- 2
- Lot Size (sq. ft)
- 7,405 SF
- Units
- 20
Highlights
- A few steps from Lincoln Road
- 5 Parking Spaces
- Upside in Raising Rents to Market Level
- 40-year recertification passed and was approved on October 2023
- The Property is currently fully rented, 100% occupancy rate
- World Class Location in the Heart of South Beach
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