• An Award Winning Net Lease & Retail Commercial Real Estate Group

12 unit Apartment Building in the Heart of South Beach

600 12th St, Miami Beach, FL 33139, USA
$2,500,000

Description

INVESTMENT OVERVIEW

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale this 12 unit Apartment Building located at 600 12th Street in Miami Beach, Florida. This two-story, well landscaped,12 – unit apartment building is situated on a 7,000 square foot corner lot located in the heart of South Beach and is listed for sale at $2,500,000.
This magnificently managed and kept apartment building is located on the southwest corner of Pennsylvania Avenue and 12th Street, just one block west of Washington Avenue, one of South Beach’s busiest north / south retail corridor and just three blocks west of world class beaches, minutes from the Miami Beach Convention Center, Lincoln Road and some of South Beaches most iconic resorts, such as, The W South Beach, The Faena, Fontainebleau, The Ritz-Carlton, Loews, and The Delano.
The Lincoln Road Mall is a world-famous promenade and major tourist destination with some of the best shopping, dining and entertainment in Miami, Lincoln Road stretches a full mile in length between West and Washington Avenues, and features a wide array of restaurants, bars, cafes, art galleries, more than 100 retail stores, As such, the Lincoln Road Mall is a major employment center within South Beach.
The Miami Beach Convention Center currently undergoing renovations and expansions of a $615 million project, being completed by mid 2018 will attract new national and international events and conventions. The center hosts the annual South Florida Auto Show, Art Basel, Florida Supercon, Forgiato Fest, Sporting events, and many other popular conventions.

  • AAA Location in the Heart of South Beach
  • Prime, 7,000 Square Foot Corner Lot
  • Rare Two on Site Parking Spaces
  • All Units Have Washer and Dryers
  • Located Blocks from Miami Beach Botanical Garden & Miami Beach Golf Club™
  • Short Walk to the Beach & Miami Beach Convention Center
  • Minutes from Lincoln Road, Washington & Collins Avenues and Ocean Drive
  • Complete Up Graded PGT Hurricane Impact Windows and Threshold Doors
  • Electricity Has Been Completely Upgraded
  • Three Studios and two – One Bedroom Unit Have Been Completely remodeled, Including All Stainless Steel, Appliances, Flooring, Cabinets and Bathrooms

PROPERTY OVERVIEW

600 12th Street was originally constructed in 1947 and has gone through various renovations and upgrades throughout the years. The building features two-story, concrete block and stucco exterior wall construction. The property encompasses a 7,000 square foot corner lot facing eastwards towards the beaches. There are eight spacious studios, and four one-bedroom one bathroom
units, two of which have private balconies overlooking a private courtyard immaculately landscaped and manicured.
Units include gas and electric ranges, wall air-conditioning units, a combination of original wood flooring and upgraded tile in the living rooms, bedrooms, kitchens and bathrooms and washer and dryers in each of the twelve units. The property has been impeccably managed and is literally turn-key including undergoing its 50 Year Recertification, including upgraded fire suppression system, landscaping irrigation system and complete top of the line PGT hurricane impact windows and all threshold doors. Three studios and Two – one Bedroom have been completely remodeled, including all stainless steel appliances, flooring, cabinets and bathrooms.
600 12th Street offers investors the unique opportunity to acquire a 12 unit, multi-family property on a large 7,000 square foot corner lot in the middle of World Famous South Beach. It is anticipated that an incoming investor will continue to implement a renovation plan to improve the un-renovated units in order to achieve significant rent premiums.

Property Documents

  • 600-12th-Miami-Beach-FL-om-ib
  • City: Miami Beach
  • State/county: Florida
  • Zip/Postal Code: 33139
  • Country: United States

Detail

  • Price: $2,500,000

Additional details

  • CAP Rate: 4.45%
  • NOI: $111,194

Features