Property Details
| Asking Price | $2,800,000 |
|---|---|
| Price per SqFt | — |
| Maintenance fee | Inquire |
| Property Taxes | $39,072 2024 |
| Interior Space | — |
| Beds/Baths | —/— |
| Year Built | 1928 |
| Lot Size | 7,000 SqFt |
| MLS # | F10546676 |
Estimated Costs
An estimate of condo or HOA fees and property taxes
Monthly carry is not computed when the association fee or the taxes are not provided.
From the listing
Attractive multifamily 12-unit boutique property in the heart of the popular and highly desirable Flamingo Submarket of South Beach. Located two blocks away from the beach, the property is well-maintained and fully-leased. Brand new roof put on in 2025. Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Cap Rate 4.5%, 2025 Effective Gross Income: $241,000, 2025 Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k Attractive multifamily 12-unit boutique property in the heart of the popular and highly desirable Flamingo Submarket of South Beach. Located two blocks away from the beach, the property is well-maintained and fully-leased. Brand new roof in 2025.Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Residents also benefit from the convenience of an on-site laundry facility. Units have a mix of wall and central air conditioning.The property offers an investor the opportunity to acquire an excellently located two-story Art Deco style building that reflects the charm of Miami Beach in a bygone era. In addition, the in-place renovations afford an investor the opportunity to raise rents immediately or continue to upgrade units and execute a value-added strategy.Cap Rate 4.5%, Effective Gross Income: $241,000, Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k
Listed by LoKation
Sales History for This Home · 828 Pennsylvania Avenue
| Sale ⇅ | Sold Price ⇅ | Closed Date ⇅ |
|---|---|---|
| A1859600 | $1,805,000 | 6/20/14 |
Listed by LoKation. Mark Zilbert of ONE Sotheby's International Realty is a cooperating (transaction) broker and helps buyers find properties in Miami Beach and throughout South Florida.
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