Skip to main content

Multifamily

Park Avenue Apartments

1935 Park Ave, Miami Beach, FL 33139

Listing Price: $12,000,000

Cap Rate
2.39%
Number of Units
35
GRM
12.59
Occupancy
97.0%
Price/Unit
$342,857

Investment Overview

The Park Avenue Apartments is a 35-unit apartment community strategically located in the Collins Park area of Miami Beach’s South Beach market. The community is made up of three, two-story buildings built in 1936 and 1950 on 18,000 square feet RM-2 zoned lot. The unit mix is made up of eight studios, 26 one-bedroom apartments, and one three-bedroom/two-bathroom apartment. The landlord pays for water, sewer, and trash removal and the buildings are individually metered for electric. The community has historically operated at full occupancy.

Miami Beach attracts visitors from around the world for its beautiful beaches, entertainment, shopping, and unique restaurants. The property is located at 1935 Park Avenue which is a block east of the Miami Beach Convention Center, a block west of Collins Avenue, and just north of 19th Street. The property is near the Bass Museum and The Setai Hotel among numerous other attractions in Miami Beach.

Currently, there are a number of projects being developed in the Miami Beach market. The property has the potential to be developed into a 36,000 square feet hospitality or residential project in the heart of one of the most popular destinations in the United States. An investor also has the opportunity to renovate the property and operate it as a hotel, short-term rentals, or long-term rentals.

Investment Highlights

  • World Renowned South Beach Location
  • Walking Distance to Miami Beach Convention Center, Beaches, and Other Attractions
  • RM-2 Zoning Allowing for Repositioning into Short-Term Rentals or Hospitality
  • Zoning Allows an Investor to Increase the Building Square Feet to Approximately 36,000 SF
  • Excellent Unit Mix of Studios, One-Bedroom and Three-Bedroom Units
  • Upside in Rental Income

Exclusively Listed By

Multifamily

Park Avenue Apartments

Listing Price: $12,000,000

Cap Rate
2.39%
Number of Units
35
GRM
12.59
Occupancy
97.0%
Price/Unit
$342,857

Investment Highlights

  • World Renowned South Beach Location
  • Walking Distance to Miami Beach Convention Center, Beaches, and Other Attractions
  • RM-2 Zoning Allowing for Repositioning into Short-Term Rentals or Hospitality
  • Zoning Allows an Investor to Increase the Building Square Feet to Approximately 36,000 SF
  • Excellent Unit Mix of Studios, One-Bedroom and Three-Bedroom Units
  • Upside in Rental Income

Investment Overview

The Park Avenue Apartments is a 35-unit apartment community strategically located in the Collins Park area of Miami Beach’s South Beach market. The community is made up of three, two-story buildings built in 1936 and 1950 on 18,000 square feet RM-2 zoned lot. The unit mix is made up of eight studios, 26 one-bedroom apartments, and one three-bedroom/two-bathroom apartment. The landlord pays for water, sewer, and trash removal and the buildings are individually metered for electric. The community has historically operated at full occupancy. Miami Beach attracts visitors from around the world for its beautiful beaches, entertainment, shopping, and unique restaurants. The property is located at 1935 Park Avenue which is a block east of the Miami Beach Convention Center, a block west of Collins Avenue, and just north of 19th Street. The property is near the Bass Museum and The Setai Hotel among numerous other attractions in Miami Beach. Currently, there are a number of projects being developed in the Miami Beach market. The property has the potential to be developed into a 36,000 square feet hospitality or residential project in the heart of one of the most popular destinations in the United States. An investor also has the opportunity to renovate the property and operate it as a hotel, short-term rentals, or long-term rentals.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower