The Real Deal Miami

Condo building on Washington Avenue hits the market: $14M

Building is being marketed as a hotel redevelopment with 42 luxury suites

July 25, 2016 12:50PM
By Katherine Kallergis

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65-75 Washington Avenue in South Beach

65-75 Washington Avenue in South Beach

A low-rise condo building in South Beach has hit the market for $14 million. 

The Golden Dreams Condominium, a 26-unit complex at 65 and 75 Washington Avenue, is being offered as a bulk sale, according to CoStar Group. Built in 1960, units range in size from 380-square-foot studios to 620-square-foot one-bedrooms. The list price breaks down to about $540,000 per condo.

The building is being marketed as a hotel redevelopment with 42 luxury suites, listing agent Isabel Fine told The Real Deal. Fine said she’s in talks with hotel operators to create a luxury bed and breakfast brand for the site.

“The property is a condo that we’re collapsing because the highest and best use of the property is not an apartment building,” Fine, managing principal of Real Miami Commercial Real Estate, told TRD.

The Class C building is currently 93.8 percent occupied with units asking anywhere from $1,200 to $2,000 a month in rent. The post-war building features breeze block railings, external corridors and a semi-private courtyard and a “gull wing” low gable roof. In all, the property includes 10 covered parking spaces that belong to the condo association.

Floor area ratio for the 0.3-acre property is limited to five stories, Fine said.

The neighborhood, south of Fifth Street in Miami Beach, is home to high-end condo towers and a handful of popular restaurants that include Joe’s Stone Crab, Estiatorio Milos, the Continuum and Apogee. In May, the Fogo de Chao building at 834-836 First Street was listed for sale at $19.5 million. The Brazilian steakhouse has two years remaining on its lease with a five-year option.

“South of Fifth Street is a totally different animal,” Fine said, “and the market lacks high-end hotels.”

An earlier version of this article listed incorrect rents for the units. Monthly rents range from $1,200 to $2,000 at the Golden Dreams, not an average of $833.