South Beach redevelopment site for sale at $7.5M

Property last sold in 1988 for $185,000 or $12.30 psf; now asking $500 psf

TRD MIAMI /
Oct.October 28, 2015 04:45 PM

A small, 1930s-era apartment complex in South Beach has been put up for sale with an asking price of $7.5 million, and it’s being marketed as a possible hotel redevelopment opportunity.

The property is located at 1030 Sixth Street. It’s composed of three, two-story buildings that form a courtyard with green space and concrete pathways. They house a total of 12 rental units that were built in 1938 and were recently renovated.

Joseph Raia, an investment associate at ElevenTrust Real Estate Services, told The Real Deal that the property is an off-market listing, though it could hit the MLS within the next few weeks. In addition to Raia, ElevenTrust owner Sharif Bula and broker David Franza are handling the listing.

The property’s 15,000-square-foot lot could house a development of up to 30,000 square feet, he said, and there are already approvals in place for a 30-room hotel project with 10,000 square feet of retail space.

“We want to make sure that [the owner’s] investment is properly valued,” he said. “Right now, if you look at the property, 12-unit multifamily buildings just isn’t where the value is.”

Conceptual renderings show what could be built: three separate structures connected by a third-floor walkway, along with a rooftop pool and a concrete courtyard. Raia said the current approvals would call for preserving the property’s courtyard and the front facades for all three buildings, so a total redevelopment would require another review.

The apartments are owned by Jose Fernandez, a multifamily developer that worked in Miami Beach during the 1980s. He’s now focused on Little Havana.

Miami-Dade County property records show Fernandez first picked up the apartments in 1988 for $185,000, or $12.30 per square foot. At its current asking price, the land would now sell for exactly $500 a square foot.

A few blocks away at 803 Fifth Street, Ronald J. Finvarb put a similarly-sized lot up for sale at $7 million, or roughly $725 per square foot. According to his listing agent, the land was a strategic purchase for Finvarb, who paid only $1 million for the land four years ago.


Related Articles

arrow_forward_ios
Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Continuum South Beach unit 606 and Dan Buettner (Credit: Douglas Elliman)

Is it the water? Longevity expert buys Continuum South Beach condo

Steve Klein, David Berg and 1200 Ocean Drive 

Infinity sells Ocean Drive building to Apple Core for $33M

Rendering of 119 Washington Avenue, Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate (Credit: Palma Architecture)

South Beach building near Joe’s Stone Crab hits market for $45M

Monty’s Miami Beach

Suntex Marinas is trying to evict Monty’s from Miami Beach property

Condo at Glass Miami Beach sells at 15% loss

Condo at Glass Miami Beach sells at 15% loss

arrow_forward_ios
Loading...