235 77th St - Apartments FOR SALE


Miami Beach, FL 33141- North Shore
$2,000,000 USD
786-433-5383
235 77th St, Miami Beach, FL for Sale
$2,000,000 USD
Apartments - FOR SALE
1/10
null | Request Cap Rate

235 77th St
Miami Beach, FL 33141
North Shore


HIGHLIGHTS

  • Lot Size: 2,700 SF
  • Zoning: RM-1
  • Existing Building: 8 units with the opportunity to convert to 12
  • Contributing property in the North Shore Historic District

OVERVIEW

Colliers, as exclusive listing broker, is pleased to present the opportunity to acquire the Malibu House apartments, a true value-add repositioning property located at 235 77th Street in North Beach just one block away from the Ocean Terrace Beach. The property sits directly on 77th Street and is located between Harding Avenue and Collins Avenue. The existing unit mix features four (4) studios and four (4) 1 bedroom / 2 bathroom units in a 2-story building with 3,520 square feet. Malibu House is centrally situated in North Beach just one block away from Ocean Terrace Beach with close proximity to many of the area’s parks, beaches, restaurants, shops and resorts. Malibu House is an ideal investment for investors to capitalize on a true value-add deal in a strong, high barrier to entry market with significant upside potential through a couple of different investment strategies. Current ownership has in-place plans to reposition the four (4) 1-bedroom / 2-bathroom units into an additional four (4) units with 1 bathroom. Repositioning the building into 12 units at market rents will significantly increase the income on the property, therefore increasing value for the investor. The second value-add strategy is to reposition the building into short-term rental operations. Malibu House is a contributing property in the North Shore Historic District and located within the Limited Short-Term Permitted Zone of North Beach: Sec. 1420-1111 (d), therefore allowing the short-term rental use.

FOR SALE DETAILS

PRICE

$2,000,000 USD

PRICE/SF

$568 USD /SF

# OF UNITS

8

PRICE/UNIT

$250,000

CAP RATE

Request Cap Rate

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Malibu House

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1939

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,701 SF

ZONING

RM-1, Miami Beach

APN/PARCEL ID

02-3202-007-0150

ASK ABOUT THIS PROPERTY

Julian ZunigaColliersMore Info
786-433-5383

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Julian ZunigaColliersMore Info
786-433-5383

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.