Multifamily

828 Penn

828 Pennsylvania Ave, Miami Beach, FL 33139

Listing Price: $2,150,000

Cap Rate
4.08%
Number of Units
12
GRM
12.14
Occupancy
95.0%
Price/Unit
$179,167
Price/Gross SF
$366.77
Gross SF
5,862

Investment Overview

828 Penn is an excellently located 12-unit boutique rental property in the highly desirable Flamingo Submarket of South Beach. The property was constructed in 1928, has a rentable square footage of 5,862 and is situated on .16 acres of land. The property has a unit mix consisting of four studio and eight one-bedroom apartments that have varying upgrades including upgraded bathrooms and kitchens with stainless steel appliances. Residents also benefit from the convenience of an on-site laundry facility. Units have a mix of wall and central air conditioning.

The property is located just west of Washington Avenue and within three blocks from the Atlantic Ocean and Ocean Drive. The property is an Art Deco style building constructed of concrete block with gated in walkways that feature lush landscaping throughout. All the vibrance that South Beach has to offer is accessible within the steps yet the property also provides residents with a peaceful alcove. Close proximity to Lincoln Road and Washington Avenue provides access to a myriad of shopping, dining, and employment opportunities. The vibrant street scene attracts throngs of local and out-of-town visitors, street performers, and great people watching. Washington Avenue is located in the heart of South Beach and features South Floridas premier retailers, bars, cafes, restaurants, gelato shops and galleries. Aside from a quick walk in beautiful south beach, access to all of Miami Beach is facilitated through Citi Bike or free trolley rides. The juxtaposition of the vibrant surrounding in the backdrop of a peaceful and exquisite Art Deco style property provides residents with the best of both worlds. In a changing employment environment where residents increasingly work from home to some degree, the property provides an extremely compelling dynamic of excitement and residential privacy in a great neighborhood for prospective and current residents.

Investment Highlights

  • Several Units Upgraded with Remodeled Bathrooms and Stainless Steel Appliances
  • Lushly Landscaped Courtyard
  • Located in the Flamingo Submarket
  • One Block from Washington Avenue Lined with Dining and Shopping Opportunities
  • Walking Distance to Collins Avenue, Ocean Drive and Lincoln Road
  • Well Maintained Property with Minimal Deferred Maintenance

Exclusively Listed By

Listing Price: $2,150,000

Cap Rate
4.08%
Number of Units
12
GRM
12.14
Occupancy
95.0%
Price/Unit
$179,167
Price/Gross SF
$366.77
Gross SF
5,862

Investment Highlights

  • Several Units Upgraded with Remodeled Bathrooms and Stainless Steel Appliances
  • Lushly Landscaped Courtyard
  • Located in the Flamingo Submarket
  • One Block from Washington Avenue Lined with Dining and Shopping Opportunities
  • Walking Distance to Collins Avenue, Ocean Drive and Lincoln Road
  • Well Maintained Property with Minimal Deferred Maintenance

Investment Overview

828 Penn is an excellently located 12-unit boutique rental property in the highly desirable Flamingo Submarket of South Beach. The property was constructed in 1928, has a rentable square footage of 5,862 and is situated on .16 acres of land. The property has a unit mix consisting of four studio and eight one-bedroom apartments that have varying upgrades including upgraded bathrooms and kitchens with stainless steel appliances. Residents also benefit from the convenience of an on-site laundry facility. Units have a mix of wall and central air conditioning.

The property is located just west of Washington Avenue and within three blocks from the Atlantic Ocean and Ocean Drive. The property is an Art Deco style building constructed of concrete block with gated in walkways that feature lush landscaping throughout. All the vibrance that South Beach has to offer is accessible within the steps yet the property also provides residents with a peaceful alcove. Close proximity to Lincoln Road and Washington Avenue provides access to a myriad of shopping, dining, and employment opportunities. The vibrant street scene attracts throngs of local and out-of-town visitors, street performers, and great people watching. Washington Avenue is located in the heart of South Beach and features South Floridas premier retailers, bars, cafes, restaurants, gelato shops and galleries. Aside from a quick walk in beautiful south beach, access to all of Miami Beach is facilitated through Citi Bike or free trolley rides. The juxtaposition of the vibrant surrounding in the backdrop of a peaceful and exquisite Art Deco style property provides residents with the best of both worlds. In a changing employment environment where residents increasingly work from home to some degree, the property provides an extremely compelling dynamic of excitement and residential privacy in a great neighborhood for prospective and current residents.

Exclusively Listed By

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