Multifamily

Costa Brava Apartments

1236 Marseille Dr, Miami Beach, FL 33141

Listing Price: $1,300,000

Cap Rate
5.00%
Number of Units
8
GRM
11.28
Occupancy
95.0%
Price/Unit
$162,500
Price/Gross SF
$240.74
Gross SF
5,400

Investment Overview

The Costa Brava Apartments are located at 1236 Marseille Drive in the Normandy Isle area of Miami Beach, Florida. The property is made up of eight units with all the units being one-bedroom and one-bathroom and approximately 675 square feet. The building is a two-story building which was built in 1947 of concrete block construction. Water, sewer and trash removal is included in the monthly rent and the building sits on a .15 acre lot.

Over the years there have been a number of renovations to the property, including barrel tile roof, impact resistant windows, new railings as well as exterior lighting and doors. The units have also been upgraded with updated kitchens and bathrooms, PTAC air conditioning units and light fixtures. The property is historically operating at a high occupancy and has been operating extremely well through the Covid-19 Pandemic. The current owners have owned the property since 2011 and it is a very low maintenance building.

The Costa Brava Apartments is located in the Normandy Isle area of Miami Beach. The neighborhood is an island in the Biscayne Bay located just west of the North Beach area of Miami Beach and North Bay Village to the West. Normandy Isle is made up of mostly single family homes, low to medium density apartment buildings and some commercial properties along sections of 71st Street (Eastbound) and Normandy Drive (Westbound). Normandy Drive and 71st Street provide access to the Northern section of Miami Beach as well as access to the City of Miami for residents and tourists of Miami Beach. Normandy Isle is also home to the Normandy Shores Golf Course which has been open since 1941. In 2008, the City of Miami Beach invested $9,000,000 to return the course to its original status of one of the top public courses in South Florida.

Costa Brava is priced at $1,300,000 which breaks down to $162,500 a unit and $240 a square foot.

Investment Highlights

  • Well Located Asset in the Normandy Isle Section of Miami Beach
  • Historically Very High Occupancy and Stable Collections Through Covid-19 Pandemic
  • All One-Bedroom and One-Bathroom Units
  • Barrel Tile Roof and Impact Resistant Windows
  • Very Easy to Manage Property

Exclusively Listed By

Listing Price: $1,300,000

Cap Rate
5.00%
Number of Units
8
GRM
11.28
Occupancy
95.0%
Price/Unit
$162,500
Price/Gross SF
$240.74
Gross SF
5,400

Investment Highlights

  • Well Located Asset in the Normandy Isle Section of Miami Beach
  • Historically Very High Occupancy and Stable Collections Through Covid-19 Pandemic
  • All One-Bedroom and One-Bathroom Units
  • Barrel Tile Roof and Impact Resistant Windows
  • Very Easy to Manage Property

Investment Overview

The Costa Brava Apartments are located at 1236 Marseille Drive in the Normandy Isle area of Miami Beach, Florida. The property is made up of eight units with all the units being one-bedroom and one-bathroom and approximately 675 square feet. The building is a two-story building which was built in 1947 of concrete block construction. Water, sewer and trash removal is included in the monthly rent and the building sits on a .15 acre lot.

Over the years there have been a number of renovations to the property, including barrel tile roof, impact resistant windows, new railings as well as exterior lighting and doors. The units have also been upgraded with updated kitchens and bathrooms, PTAC air conditioning units and light fixtures. The property is historically operating at a high occupancy and has been operating extremely well through the Covid-19 Pandemic. The current owners have owned the property since 2011 and it is a very low maintenance building.

The Costa Brava Apartments is located in the Normandy Isle area of Miami Beach. The neighborhood is an island in the Biscayne Bay located just west of the North Beach area of Miami Beach and North Bay Village to the West. Normandy Isle is made up of mostly single family homes, low to medium density apartment buildings and some commercial properties along sections of 71st Street (Eastbound) and Normandy Drive (Westbound). Normandy Drive and 71st Street provide access to the Northern section of Miami Beach as well as access to the City of Miami for residents and tourists of Miami Beach. Normandy Isle is also home to the Normandy Shores Golf Course which has been open since 1941. In 2008, the City of Miami Beach invested $9,000,000 to return the course to its original status of one of the top public courses in South Florida.

Costa Brava is priced at $1,300,000 which breaks down to $162,500 a unit and $240 a square foot.

Exclusively Listed By

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