South Beach rental building hits the market asking $10M

Miami /
Oct.October 03, 2016 02:22 PM

A luxury apartment complex in Miami Beach is for sale. The price tag? $9.75 million.

The Alexandria SOBE, at 1515 Euclid Avenue, is asking about $547,000 per unit. Euclide MB Investments Corp. owns the three-story, 17-unit community and has invested about $5 million into renovations since it paid $3.1 million to acquire it in 2010.

State records show Christian Driussi and Antonio Saladino control the ownership entity. Saladino has been described as a Swiss-Italian entrepreneur and banker, while Driussi is vice president of the Brickell Bay Office Tower.

Cushman & Wakefield’s Calum Weaver is listing the Alexandria SOBE, which has units ranging from studios to three-bedroom apartments. They feature mosaic pearl walls, polished stone flooring, Italian marble, wooden doors, and high-end bathroom fixtures, according to a press release.

The U-shaped building, built in 1937,  surrounds a private courtyard with a garden and koi point, and has a gym, sauna, steam room and common space. It’s 65 percent occupied with a 4.5 percent cap rate, according to a recent Loopnet listing.

Just last week, a short-term rental property on Ocean Drive in South Beach hit the market for $12.9 million, with redevelopment plans to upgrade it to a boutique hotel. – Katherine Kallergis


Related Articles

arrow_forward_ios
From left: Shadi Shomar, Russell Galbut, Renata and Cesar Giovannini with 510 Ocean Drive (Arte Hospitality, Lynx Property Services)
Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan
Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan
Miami Beach commissioner David Richardson with 1940 Park Avenue (Google Maps, Getty, David Richardson)
Miami Beach seeks development partner for Art Deco apartment building
Miami Beach seeks development partner for Art Deco apartment building
Armani Residences at 18975 Collins Avenue in Sunny Isles Beach, Jade Signature at 16901 Collins Avenue in Sunny Isles Beach, Palazzo Della Luna at 6800 Fisher Island Drive in Miami Beach and Estates at Acqualina at 17901 Collins Ave in Sunny Isles Beach (Condo.com)
Miami-Dade condo sale prices fall in October
Miami-Dade condo sale prices fall in October
Black Lion Investment Group's Robert Rivani and the ground-floor restaurant space at Once Ocean Condominium (Black Lion Investment Group; Getty)
Robert Rivani fattens his South of Fifth restaurant portfolio
Robert Rivani fattens his South of Fifth restaurant portfolio
Joe and Avi Nakash and the Hotel Breakwater at 940 Ocean Drive (Google Maps, Getty Maps)
Nakash family hit with $17M judgment tied to South Beach hotel
Nakash family hit with $17M judgment tied to South Beach hotel
Allied Partners’ Eric Hadar with 501-509 Collins Avenue (Allied Partners, Google Maps)
NY’s Kalimian family buys South Beach Walgreens for $35M
NY’s Kalimian family buys South Beach Walgreens for $35M
Russell Galbut with 1690 Collins Avenue
Russell Galbut scores approval for Art Deco hotel renovation
Russell Galbut scores approval for Art Deco hotel renovation
Russell Galbut and a rendering of the proposed Gale South Beach Hotel upgrade (Studio Mc+G Architecture, Getty)
Russell Galbut wants to heighten South Beach hotel, add rooms
Russell Galbut wants to heighten South Beach hotel, add rooms
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...