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1550 Meridian Ave
Miami Beach, FL 33139
Build-to-Rent Property For Sale
·
8 Units
PROPERTY FACTS
| No. Units | 8 | Total Plot Size | 0.17 ac |
| Property Type | Build-to-Rent | Property Size | 5,231 sq ft |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Garden | No. Floors | 2 |
| Costar Property Class | C | Year Built/Renovated | 1937/2019 |
| Use Class | RM-1 - Residential Multi-Family | ||
| No. Units | 8 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Costar Property Class | C |
| Total Plot Size | 0.17 ac |
| Property Size | 5,231 sq ft |
| Average Occupancy | 100% |
| No. Floors | 2 |
| Year Built/Renovated | 1937/2019 |
| Use Class | RM-1 - Residential Multi-Family |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Tile Floors
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Refrigerator
- Wi-Fi
- Yard
- Grill
- Dining Room
- Double Pane Windows
- Family Room
- Lawn
- Patio
SITE AMENITIES
- 24 Hour Access
- Controlled Access
ABOUT 1550 MERIDIAN AVE , MIAMI BEACH, FL 33139
1550 Meridian Avenue; is a renovated eight-unit multifamily asset in the heart of South Beach’s most desirable district. Built in 1937 of concrete block and stucco it survives in excellent condition and remains fully occupied. All the units are generously scaled with private bedrooms (no Studio apartments). The building comprises 5,231 leasable square feet on a 7500-square foot lot. Its proximity to Lincoln Road Mall, Flamingo Park, the Beach, New Convention Center, the renaissance of Alton Road, and the Entertainment District make it an attractive place to live for business owners and young professionals alike. Units feature wood floors, newer kitchens and baths, and many original details. The exterior features new impact windows & doors, new awnings, common area upgrades, plaster & paint, new fencing & landscape. Unique Upside: Significant Vacant Land- Current zoning of the site is RM-1 with an FAR of 1.25. The 7,500-square foot site thus translates into a total buildable area of 9,375 square feet leaving a total buildable area of 4,144 square feet By-Right. See expansion plans on page 06 illustrating one possible strategy of constructing six additional One-Bedroom units on the west side of the site. Multiple strategies and unit mixes are available depending on the developer’s preference. Oversized Units- Half of the One-bedroom units are approximately 750 square feet and can easily be converted to Two-bedroom units significantly increasing rents and desirability. Much of the multifamily stock in this area has been converted to condominiums making two-bedroom rental units increasingly difficult to find and commanding a premium price. See plan page 06 for an illustration of how easily the large One-Bedroom units convert to Two-Bedroom units. Under Market Rents- Although numerous upgrades have recently been completed, upside in rents have yet to be exploited. Current rents are approximately 20% below market. With an average per square foot cost of $3.35 for all of South Beach for 2016 (Miami-Dade Housing Report) the current Cap Rate (see page 08) could be substantially increased. SEE ATTACHED OFFERING MEMORANDUM FOR COMPLETE INFORMATION
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| 1+1 | 8 | - | 550 - 750 |
PROPERTY TAXES
| Parcel Number | 02-3234-002-1270 | Improvements Assessment | £220,350 |
| Land Assessment | £1,121,340 | Total Assessment | £1,341,691 |
PROPERTY TAXES
