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MLS # :A11537022 |
Price :$2,775,000 |
Status :
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Listing Date :Feb 21, 2024 |
Square Footage :Not Available |
County :Miami-Dade County |
Square Footage :Not Available |
Year Built :1950 |
Taxes :$43,229 Per Year |
Waterfront :No |
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Remarks :1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%. |
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Call: 305-998-9922
Sunny Realty
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listed above. The data relating to real estate for sale, rent or sold on this web site comes from the Internet Data Exchange Program, South East
Florida Regional MLS, presented by Sunny Realty, courtesy of and is provided here for consumers personal, non-commercial use. It may not be used for any
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Tel.
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