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Multifamily

Byron Beach Condominium (100% Ownership)

8329 Byron Avenue, Miami Beach, FL 33141

Listing Price: $3,150,000

Cap Rate
4.80%
Number of Units
14
Price/Unit
$225,000
Price/Gross SF
$442.29
Gross SF
7,122

Investment Overview

Millichap, as exclusive listing agents, are pleased to offer for sale the Byron Beach Condominium (100% Ownership), a 14-unit, 2-story condominium located in the North Beach section of Miami Beach, Florida. SUBJECT PROPERTY The Byron Beach Condominium (100% Ownership) was built in 1952, consists of 6,014 square-feet and is situated on a 7,680 square-foot lot (according to the Miami Dade Property Appraiser). The unit mix consists of (8) studios measuring 395 square feet, (2) one-bedroom | one-and-a-half bathroom units measuring 555 square feet and (4) two-bedroom | two-bathroom units measuring 713 square feet. The property features hurricane-resistant impact windows throughout with a mix of tile and vinyl wood flooring, granite counter tops, a mix of gas and electric stoves, wall air conditioning units and common area laundry facilities. Current ownership has recently renovated unit #6 (a studio), which leased for $1,750 per month. Three other units are currently under renovation and are expected to lease for $300-400+ rental increases. Additionally, seven of the existing units are on month-to-month tenancies. LOCATION The Byron Beach Condominium is situated between 83rd and 84th Streets just west of Collins Avenue and just south of Surfside and Bal Harbor. The surrounding neighborhood consists primarily of multifamily properties, single-family homes, and condominiums. The average household income is reportedly $105,790 within three miles, according to Experian. North Beach is centrally located between Mid Beach to the South and Surfside to the North and provides easy access to North Bay Village, Normandy Isles, Bal Harbor, Bay Harbor Islands and Sunny Isles. The beach includes a boardwalk that becomes a flat trail and leads to the city of Surfside. This is a popular path for runners, bikers, and walkers. North Beach is also home to the North Beach Oceanside Park where you will find ample picnic tables, grills, and playgrounds. Proximate to both properties, the North Beach Bandshell, a historic open-air amphitheater built in 1961, is known for its consistent lineup of both local and international musicians. The Town Center District from 69th Street to 73rd Street, from the ocean to Normandy Isle, intended to be the center of activity for North Beach, has been approved for extensive renovation and new construction, described by the city as a revitalization of North Beach. Proposed improvements include revitalized street sections, buildings, and public spaces. Multiple new projects are currently in the development pipeline, including The Gateway on 71st Street, expected to have 110 rental apartments, 8,100 square feet of retail, a 4,900 square foot rooftop restaurant, and two floors of parking, a proposed mixed-use project with ground level commercial space and 232 residential units bordering 71st and 72nd Street on the South and North and Abbott and Byron Avenues on the East and West, and a proposed project between 73rd and 75th Street on Ocean Terrace which is expected to have a 58-unit luxury residential building, a 110-room hotel, a 200-car parking garage, and 18,000 square feet of retail. Surrounding retailers include Chase Bank (0.5 miles), Walgreens Pharmacy and CVS (0.7 miles), Bank of America (0.7 miles), Publix Super Market at Surfside (1.2 miles) and Miami Beach Tennis Academy (1.4 miles). Additionally, Publix Supermarket at North Shore (1.2 miles), Bal Harbour Shops (1.6 miles) and Indian Creek Country Club (2.2 miles) are all just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.7 miles), North Beach Elementary (0.7 miles), Miami Beach Nautilus Middle School (4.4 miles), and North Miami Senior High (8.1 miles). Other area points of interest include The Spa at Carillon Miami Wellness Resort, The Strand Bar & Grill at Caillon, Buenos Aires Bakery and Shuckers. SUMMARY 100% ownership in the Byron Beach Condominium is being offered for sale at $3,080,000 or $220,000 per unit.

Investment Highlights

  • High Demand North Beach Rental Location, Two Blocks from the Beach
  • Mix of Studios (8), One-Bedrooms (2) and Two-Bedrooms (4)
  • Hurricane Resistant Impact Windows Throughout, other Recent Renovations
  • Value Add Opportunity Older - Tenants $300-$500 Below Market Rents
  • Close Proximity to Town Center District, Surfside, and Shops at Bal Harbour

Exclusively Listed By

Financing By

Multifamily

Byron Beach Condominium (100% Ownership)

Listing Price: $3,150,000

Cap Rate
4.80%
Number of Units
14
Price/Unit
$225,000
Price/Gross SF
$442.29
Gross SF
7,122

Investment Highlights

  • High Demand North Beach Rental Location, Two Blocks from the Beach
  • Mix of Studios (8), One-Bedrooms (2) and Two-Bedrooms (4)
  • Hurricane Resistant Impact Windows Throughout, other Recent Renovations
  • Value Add Opportunity Older - Tenants $300-$500 Below Market Rents
  • Close Proximity to Town Center District, Surfside, and Shops at Bal Harbour

Investment Overview

Millichap, as exclusive listing agents, are pleased to offer for sale the Byron Beach Condominium (100% Ownership), a 14-unit, 2-story condominium located in the North Beach section of Miami Beach, Florida. SUBJECT PROPERTY The Byron Beach Condominium (100% Ownership) was built in 1952, consists of 6,014 square-feet and is situated on a 7,680 square-foot lot (according to the Miami Dade Property Appraiser). The unit mix consists of (8) studios measuring 395 square feet, (2) one-bedroom | one-and-a-half bathroom units measuring 555 square feet and (4) two-bedroom | two-bathroom units measuring 713 square feet. The property features hurricane-resistant impact windows throughout with a mix of tile and vinyl wood flooring, granite counter tops, a mix of gas and electric stoves, wall air conditioning units and common area laundry facilities. Current ownership has recently renovated unit #6 (a studio), which leased for $1,750 per month. Three other units are currently under renovation and are expected to lease for $300-400+ rental increases. Additionally, seven of the existing units are on month-to-month tenancies. LOCATION The Byron Beach Condominium is situated between 83rd and 84th Streets just west of Collins Avenue and just south of Surfside and Bal Harbor. The surrounding neighborhood consists primarily of multifamily properties, single-family homes, and condominiums. The average household income is reportedly $105,790 within three miles, according to Experian. North Beach is centrally located between Mid Beach to the South and Surfside to the North and provides easy access to North Bay Village, Normandy Isles, Bal Harbor, Bay Harbor Islands and Sunny Isles. The beach includes a boardwalk that becomes a flat trail and leads to the city of Surfside. This is a popular path for runners, bikers, and walkers. North Beach is also home to the North Beach Oceanside Park where you will find ample picnic tables, grills, and playgrounds. Proximate to both properties, the North Beach Bandshell, a historic open-air amphitheater built in 1961, is known for its consistent lineup of both local and international musicians. The Town Center District from 69th Street to 73rd Street, from the ocean to Normandy Isle, intended to be the center of activity for North Beach, has been approved for extensive renovation and new construction, described by the city as a revitalization of North Beach. Proposed improvements include revitalized street sections, buildings, and public spaces. Multiple new projects are currently in the development pipeline, including The Gateway on 71st Street, expected to have 110 rental apartments, 8,100 square feet of retail, a 4,900 square foot rooftop restaurant, and two floors of parking, a proposed mixed-use project with ground level commercial space and 232 residential units bordering 71st and 72nd Street on the South and North and Abbott and Byron Avenues on the East and West, and a proposed project between 73rd and 75th Street on Ocean Terrace which is expected to have a 58-unit luxury residential building, a 110-room hotel, a 200-car parking garage, and 18,000 square feet of retail. Surrounding retailers include Chase Bank (0.5 miles), Walgreens Pharmacy and CVS (0.7 miles), Bank of America (0.7 miles), Publix Super Market at Surfside (1.2 miles) and Miami Beach Tennis Academy (1.4 miles). Additionally, Publix Supermarket at North Shore (1.2 miles), Bal Harbour Shops (1.6 miles) and Indian Creek Country Club (2.2 miles) are all just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.7 miles), North Beach Elementary (0.7 miles), Miami Beach Nautilus Middle School (4.4 miles), and North Miami Senior High (8.1 miles). Other area points of interest include The Spa at Carillon Miami Wellness Resort, The Strand Bar & Grill at Caillon, Buenos Aires Bakery and Shuckers. SUMMARY 100% ownership in the Byron Beach Condominium is being offered for sale at $3,080,000 or $220,000 per unit.

Exclusively Listed By

Financing By

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