16% Potential Cap Rate
Palm Beach County
Great opportunity for investors, fixer upper.
Building with 22 units perfect to rehab and
turn into great rental income.
New plumbing October 2015, New Doors and
Windows being installed currently.
New Cabinets have been purchased for some units and
will have to be installed by new owner as well as any
rehab needed to certain units.
All Units are in need of new AC Units as well.
Value Add- Rehab Needed
Type: Multi-Family (Used to be Motel)
Layout: 18 Units according to BCPA but 22 Mixed Units currently
Lot Size: 17,064 sq ft
Subdivision: Roosevelt Garden
Construction: Concrete Brick Composition
Year Built: 1956
11 shared bedrooms with 5 shared bathrooms
1- 2/1 that’s Gutted
This is a deal for an experienced investor.
Property needs full rehab.
Property can either be rehabbed and left with the current layout or
convert some rooms into larger rooms.
One idea would be to turn the layout to:
2 – 2/1 @ $1400 mth
8 – 1/1 @ $1175 mth
6 – Studios @ $1050 mth including utilities
The buyer needs to be creative and try to get the best use for the property.
Deal for 8 multifamily units, excellent condition and fully rented.
Located by intracoastal Annual rent approx. $135,000
9,000 sf warehouse
1200 sf office space
16 ft ceiling height
14,6 ft clearing
3 phase power
3 CONTIGUOUS DUPLEX.
6 TOTAL UNITS.
Next to Property is an approved 15 Unit Town Houses Project.
1 Block from Property another development has Town Houses
starting at $500,000.
Situated on over 1/2 an Acre of Land.
Each Unit is 2 Bed/ 1 Bath. Each Duplex is 1,570 Sqft
Each Unit is individually metered. Tenants Pay Power.
All Units have Central A/C.
Zoning Allows for 16 Units Per Acre.
Most all units are rented below Market.
Great Opportunity to Add Value to current situation.
Rare Opportunity to BUY 3 Duplexes in a Row!
20 ft ceiling height
3 x docks/2 grade level doors
Property is currently being renovated.
Around $600,000 renovation completed November 2018
6 % CAP RATE
Mixed properties of Single Family Homes and condo’s.
The properties can also be bought individually if you prefer.
Fantastic 12 Unit Multifamily in South Beach
(4) 1 bedroom / 1 baths + (8) studios
6,729 sq/ft, 7,500 sq/ft lot
Built in 1950
100% occupied with well screen tenants
Great Curb Appeal and Well Maintained Units
1.5 blocks from World Renowned Lincoln Road
Building has clear title + 40 year re-certification.
Very high barrier to entry to break into the boutique multifamily market
Is truly a unique building, in the South Beach Historical District
Miami Beach apartment buildings have one of the lowest in Miami-Dade
(about 3%) and rents are increasing through the roof.
1619 Meridian Ave Miami Beach, Fl 33139 sold for 2,660,000 on 1/17/2017 for 2,660,000
12 unit Adjust Area: 5,969 sq/ft / Lot size: 7,500
****EXTREMELY SMALL UNITS, Price Sq/ft: $445.64 (VERY HIGH)
948 Meridian Ave: sold for $3,057,600 on 02/2/16
12 unit Adjusted Area: 7701 sq ft / Lot Size: 7,000 sq ft
1110 Pennsylvania Ave sold for $2,758,300 on 02/2/16
12 unit Adjusted Area: 6956 sq ft / Lot Size: 7,000 sq ft
1326 Pennsylvania Ave: sold for $2,791,900 on 02/2/16
12 unit Adjusted Area: 7040 sq ft / Lot Size: 7,000 sq ft
1135 8th St sold for $2,893,900 on 02/2/16
12 unit Adjusted Area: 7295 sq ft / Lot Size: 6,850 sq ft
1025 Meridian Ave sold for $2,823,600 on 02/2/16
12 unit Adjusted Area: 7166 sq ft / Lot Size: 7,000 sq ft
715 Michigan Ave: sold for $3,144,00 on 02/2/16
10 unit Adjusted Area: 7290 sq ft / Lot Size: 7,000 sq ft
951 Jefferson Ave sold for $2,188,900 on 02/2/16
8 unit Adjusted Area: 5,512 sq ft / Lot Size: 7,000 sq ft
1200 Pennsylvania Ave: sold for $2,925,000 on 5/11/2015
13 unit Adjusted Area: 7220 sq ft / Lot Size: 7,000 sq ft