924 Marseille Dr - Apartments FOR SALE


Miami Beach, FL 33141- Normandy Isles
$4,995,000 USD
773-750-3320
924 Marseille Dr, Miami Beach, FL for Sale
$4,995,000 USD
Apartments - FOR SALE
1/22
null | 5.17% Cap Rate

924 Marseille Dr
Miami Beach, FL 33141
Normandy Isles


OVERVIEW

Ocean 18 Lofts (924 Marseille Dr) is a three-story Art Deco apartment building featuring 18 fully renovated units in the heart of North Beach. The unit mix comprises of 7 standard studios, 4 large studios, 4 one-bedroom apartments, and 3 two-bedroom apartments. Most units come fully furnished. The property is fully occupied with a current average rent of $1,851. With significantly below-market rents, there is a potential rental upside of $75,900 annually ($350+ per unit per month) aligning with current market rates. Renovations include: New bathrooms with glass enclosures, new stainless steel appliances, updated cabinetry, updated PVC plumbing, new electrical system, porcelain tile flooring, new lighting, new fixtures, new doors with keyless entry, fully furnished, and quartz countertops. The property is minutes from the beach and major retailers, including Publix a 3 minute drive away. North Beach is a growing market with a number of attractive retailers, restaurants, and new developments. The surrounding area is set for significant investment and improvement as the Miami Beach Commission has approved a master plan for the North Beach neighborhood including a town center with aims to revitalize the area with substantial new developments and neighborhood enhancements. Building Size: 9,375 SF Lot Size: 11,437 SF Units: 18 Zoning: RM-1 Pro-Forma NOI: $320,515 Pro-Forma Cap Rate: 6.42% Highlights: - EXCELLENT LAYOUTS & UNIT-MIX - FULLY-FURNISHED - NEWLY UPDATED BATHROOMS WITH GLASS ENCLOSURES - QUARTZ COUNTERTOPS - NEW STAINLESS STEEL APPLIANCES - NEW UPDATED CABINETRY - LARGE PRIVATE YARD - UPDATED PVC PLUMBING - NEW & FULLY UPDATED ELECTRICAL - NEW LARGE PORCELAIN TILE FLOORING - NEW KITCHENS - NEW LIGHTING - NEW FIXTURES - NEW DOORS WITH KEYLESS ENTRY FOR ALL UNITS - ALL NEW FIXTURES - UPDATED LIFE SAFETY - UPDATED HALLWAYS

FOR SALE DETAILS

PRICE

$4,995,000 USD

PRICE/SF

$437 USD /SF

# OF UNITS

18

PRICE/UNIT

$277,500

CAP RATE

5.17%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

18-Unit Miami Beach Multifamily

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1926

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,583 SF

ZONING

RM-1, Miami Beach

APN/PARCEL ID

02-3210-013-0310

ASK ABOUT THIS PROPERTY

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773-750-3320

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Sam SchwartzSTL CommercialMore Info
773-750-3320

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