Aging Miami Beach rentals command $240,000 per unit

The 20-unit property sold for $4.8 million despite its limited cash flow and deferred maintenance

TRD MIAMI /
Aug.August 12, 2017 10:00 AM

2150 Park Avenue in Miami Beach (Source: Google)

A 20-unit apartment building in Miami Beach sold for $4.8 million, or $240,000 per apartment, despite the building’s limited cash flow and substantial maintenance needs.

The 60-year-old rental property at 2150 Park Avenue, which includes a 7,500-square-foot lot, is located across from the Bass Museum and Collins Park in Miami Beach.

The apartment building has one efficiency-style unit and 19 one-bedroom, one-bathroom units. Originally constructed in 1947, the building has 9,792 square feet of living area.

Three members in the Fort Lauderdale office of brokerage Marcus & Millichap had the exclusive listing to market the property: associate Brett McMahon, Joseph P. Thomas, first vice president investments, and Adam G. Duncan, vice president investments.

“The property had a significant amount of deferred maintenance and limited in-place cashflow,” Thomas said in a prepared statement.

Nevertheless, the Marcus & Millichap team generated 10 written offers for the property because of its RM-2 zoning and its potential for conversion to a short-term rental property.

The Marcus & Millichap team represented the seller, a private investor who bought the Miami Beach property more than 30 years ago, and secured the buyer, also a private investor.


Related Articles

arrow_forward_ios
Z Ocean Hotel

Developers misrepresented Z Ocean Hotel’s dire finances, judge says

Franco Bianchi and Eighty Seven Park  

Furniture exec moves into condo at Eighty Seven Park for $7M

4424 North Bay Road, and from right: Neil and Jennifer Sazant, Lindsay McMinn and Karen Stauber (Credit: Getty Images)

Waterfront lot on North Bay Road sells for $7M

Michael Comras and 1500 Washington Avenue (Credit: Google Maps)

Comras looks to sell Five Guys property on Washington Ave

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

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

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

Moshe Popack and his Flamingo Drive home

Private equity firm exec sells Miami Beach mansion to Moshe Popack

arrow_forward_ios
Loading...