954-245-3492
, Bay Harbor Islands, FL for Sale
Multi-Family - FOR SALE
1/19
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The Bay Harbor Collection
Bay Harbor Islands, FL


HIGHLIGHTS

  • Extremely Rare Opportunity to Acquire 42 Units and more than 1-Acre of Land on Bay Harbor Islands
  • High Barrier to Entry Submarket with a Significant Pipeline of Recent and Current Development
  • New Construction has Depleted the Inventory of Traditional Rental Apartments
  • Covered Land Play with Opportunity to Build up to 65 Feet with 35 – 62* Luxury Residential Condos (*62 Condos Available with Additional TDR’s)
  • Value-Add: Move Rents to Market Levels, Assess Fees for Parking and Utility Reimbursements
  • Unit Composition consists of (4) Studios, (28) One Bedrooms and (10) Two Bedrooms

OVERVIEW

The Bay Harbor Collection is comprised of two (adjacent), two-story apartment buildings totaling 42 units. The properties were built in 1951 and 1955, include 33,940 square-feet and encompass a 44,360 square-foot lot (according to the Miami Dade Property Appraiser). The property is comprised of (4) studio apartments with an average in-place rent of $1,800, (28) one-bedroom | one-bath apartments with an average in-place rent of $2,094, (4) two -bedroom | one and a half-bathroom apartments with an in-place rent of $2,532, and (6) two-bedroom | two-bathroom apartments with an in-place rent of $2,758. Most units have undergone significant renovations significant renovations including new kitchens, appliances, flooring, baseboards, vanities and light fixtures totaling more than $300,000. Prior ownership installed hurricane-resistant impact windows and doors, and new roofs were installed in 2016. Amenities include garden-style courtyards, street parking along the perimeter and on-site laundry facilities. The underlying zoning at The Bay Harbor Collection is RM-2, which offers a maximum allowable base density of 34 dwelling units per acre and maximum allowable overall density (includes base density + TDR units) of 60 dwelling units per acre, with a maximum height of 65 feet. Please see the Zoning Study provided by Kobi Karp Architecture provided in Section 2 herein.

ASK ABOUT THIS PROPERTY

Joseph ThomasMarcus & MillichapMore Info
954-245-3492

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Joseph ThomasMarcus & MillichapMore Info
954-245-3492

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