Multifamily

Abbott Arms

7830 & 7834 Abbott Ave, Miami Beach, FL 33141

Listing Price: $4,300,000

Cap Rate
4.74%
Number of Units
25
GRM
11.54
Occupancy
95.0%
Price/Unit
$172,000
Price/Gross SF
$236.56
Gross SF
18,177

Investment Overview

Abbott Arms is located at 7830 and 7834 Abbott Avenue in the North Shore area of Miami Beach, Florida. The property is being sold by a trust to liquidate the equity to its beneficiaries. It is made up of twenty-five units with a unit mix of one studio, 16 one-bedroom units and eight two-bedroom units. 7830 Abbott Avenue is an eight unit, two-story building built in 1963 with MiMo architecture and 7834 Abbott Avenue, a 17 unit building was built in 1940 with Art Deco architecture. 7834 Abbott was built with concrete block construction and 7830 was built with poured concrete including a concrete 2nd floor and roof. Water, sewer and trash removal are included in the monthly rent. 7834 Abbott Avenue also has gas for cooking which the tenants pay for and hot water is included in the rent. The buildings sit on a .39 acre corner site consisting of three lots.

The property has been under the current ownership for over twenty-five years. Abbott Arms has a short term hospitality license that is currently underutilized. An investor could have the potential to increase the cash flow by offering select units as short term occupancy. The property also has twelve on-site parking spaces which are rare for buildings of this vintage in the North Beach market. Another unique feature of Abbott Arms is the elevated pool and sundeck that is available for residents. There is also a basement that spans the 7830 building that is being underutilized. The basement has plumbing and electric for six washers and six dryers and could be used for storage as well as a laundry room.

The North Beach market is in the process of undergoing a massive gentrification with the recent passing and implementation of the North Beach Town Center District. The District spans from 69th Street to 72nd Street and from Collins Avenue to the Indian Creek Waterway. The North Beach Town Center has attracted large scale development that will change the landscape of the North Beach market by encouraging high density residential and mixed use developments in the area. This will draw more businesses, increase employment and draw more residents to the area which will increase the values of all the properties in the area.

Abbott Arms is listed for $4,300,000 which breaks down to $172,000 a unit and $236 per square foot. All offers must be presented on the most recent version of the FARBAR Purchase Agreement (rev 9/2017) and accompanied by a Proof of Escrow letter from an escrow company located in the State of Florida.

Investment Highlights

  • Potential to add 5,077 rentable square feet per the current zoning
  • Well located property on a corner site in the North Beach area of Miami Beach
  • Two blocks to the beach and walking distance to shops and restaurants of North Beach
  • Amenities include on-site parking, elevated pool and sundeck and basement for laundry
  • Current license in place which allows for hospitality as well as residential uses
  • Many new developments in the immediate area

Exclusively Listed By

Listing Price: $4,300,000

Cap Rate
4.74%
Number of Units
25
GRM
11.54
Occupancy
95.0%
Price/Unit
$172,000
Price/Gross SF
$236.56
Gross SF
18,177

Investment Highlights

  • Potential to add 5,077 rentable square feet per the current zoning
  • Well located property on a corner site in the North Beach area of Miami Beach
  • Two blocks to the beach and walking distance to shops and restaurants of North Beach
  • Amenities include on-site parking, elevated pool and sundeck and basement for laundry
  • Current license in place which allows for hospitality as well as residential uses
  • Many new developments in the immediate area

Investment Overview

Abbott Arms is located at 7830 and 7834 Abbott Avenue in the North Shore area of Miami Beach, Florida. The property is being sold by a trust to liquidate the equity to its beneficiaries. It is made up of twenty-five units with a unit mix of one studio, 16 one-bedroom units and eight two-bedroom units. 7830 Abbott Avenue is an eight unit, two-story building built in 1963 with MiMo architecture and 7834 Abbott Avenue, a 17 unit building was built in 1940 with Art Deco architecture. 7834 Abbott was built with concrete block construction and 7830 was built with poured concrete including a concrete 2nd floor and roof. Water, sewer and trash removal are included in the monthly rent. 7834 Abbott Avenue also has gas for cooking which the tenants pay for and hot water is included in the rent. The buildings sit on a .39 acre corner site consisting of three lots.

The property has been under the current ownership for over twenty-five years. Abbott Arms has a short term hospitality license that is currently underutilized. An investor could have the potential to increase the cash flow by offering select units as short term occupancy. The property also has twelve on-site parking spaces which are rare for buildings of this vintage in the North Beach market. Another unique feature of Abbott Arms is the elevated pool and sundeck that is available for residents. There is also a basement that spans the 7830 building that is being underutilized. The basement has plumbing and electric for six washers and six dryers and could be used for storage as well as a laundry room.

The North Beach market is in the process of undergoing a massive gentrification with the recent passing and implementation of the North Beach Town Center District. The District spans from 69th Street to 72nd Street and from Collins Avenue to the Indian Creek Waterway. The North Beach Town Center has attracted large scale development that will change the landscape of the North Beach market by encouraging high density residential and mixed use developments in the area. This will draw more businesses, increase employment and draw more residents to the area which will increase the values of all the properties in the area.

Abbott Arms is listed for $4,300,000 which breaks down to $172,000 a unit and $236 per square foot. All offers must be presented on the most recent version of the FARBAR Purchase Agreement (rev 9/2017) and accompanied by a Proof of Escrow letter from an escrow company located in the State of Florida.

Exclusively Listed By

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