The Real Deal Miami

South Beach rentals hit the market

36-unit building is asking $9.5M
By Amanda Rabines | April 13, 2018 10:30AM

Gotham Apartments and Marcus & Millichap’s Arthur Porosoff (Credit: Marcus & Millichap)

Gotham Apartments and Marcus & Millichap’s Arthur Porosoff (Credit: Marcus & Millichap)

A group of investors just put the Gotham Apartments in South Beach on the market for $9.5 million.

Gotham Enterprises 702 LC, led by Mel Schlesser, Arthur Leeds, Robert Gershon and Melvin Gershon, hired Marcus & Millichap’s David Cohen Arthur Porosoff and Fernando Polanco to market the 36-unit building at 702 13th Street.

Built in 1937, Gotham Apartments sits on about a third of an acre, just a few blocks south of Lincoln Road. The asking price breaks down to about $264,000 per unit. Records show the three-story building last traded for $275,000 in 1986 and was last renovated in 1988.

The property is zoned for low-density multifamily, and is located just east of Flamingo Park in the Flamingo Park Historic District. The building is 100 percent occupied, Porosoff said. It consists of six studio apartments, 24 one-bedrooms and six two-bedroom apartments.

Schlesser owns multiple properties in Miami Beach, which he began amassing in the early 1980s.

Last month, a 27-unit apartment building in Miami Beach’s South-of-Fifth neighborhood traded hands for $14.6 million . Nearby, a planned Hampton Inn at the Continental on Collins hotel, recently hit the market, and is expected to fetch about $40 million, according to brokers.