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Multifamily

Pierre On the Bay

2070 Bay Dr, Miami Beach, FL 33141

Listing Price: $15,000,000

Cap Rate
1.00%
Number of Units
70
Price/Unit
$214,286
Price/Gross SF
$638.11
Gross SF
23,507

Investment Overview

Marcus & Millichap is pleased to offer for sale Pierre On The Bay, a development site on Normandy Isle nestled along the west side of the Island. The site currently has a multifamily building on it, which is made up of 70 studios.  The development site at 2050 Bay Drive is located directly on the Biscayne Bay, with direct frontage of the John F Kennedy causeway. The lot size is 35,405 square feet with a structure that is 23,507 square feet. This is an excellent opportunity to acquire a waterfront site in a sub-market of Miami Beach with a significant development pipeline.

Investment Highlights

  • Rare opportunity to acquire a waterfront site in Miami Beach, in a great location between North Bay Village and North Beach.
  • Adjacent to John F Kennedy Causeway, providing freeway access in and out of Normandy Isle.
  • Convenient access to Biscayne Bay and the surrounding beaches.
  • Potential pro-forma profits of over 8 million dollars.
  • Significant development pipeline in the immediate area including seven mixed-use projects that have all been approved, one of which includes the first Target coming to the area.

Exclusively Listed By

Financing By

Listing Price: $15,000,000

Cap Rate
1.00%
Number of Units
70
Price/Unit
$214,286
Price/Gross SF
$638.11
Gross SF
23,507

Investment Highlights

  • Rare opportunity to acquire a waterfront site in Miami Beach, in a great location between North Bay Village and North Beach.
  • Adjacent to John F Kennedy Causeway, providing freeway access in and out of Normandy Isle.
  • Convenient access to Biscayne Bay and the surrounding beaches.
  • Potential pro-forma profits of over 8 million dollars.
  • Significant development pipeline in the immediate area including seven mixed-use projects that have all been approved, one of which includes the first Target coming to the area.

Investment Overview

Marcus & Millichap is pleased to offer for sale Pierre On The Bay, a development site on Normandy Isle nestled along the west side of the Island. The site currently has a multifamily building on it, which is made up of 70 studios.  The development site at 2050 Bay Drive is located directly on the Biscayne Bay, with direct frontage of the John F Kennedy causeway. The lot size is 35,405 square feet with a structure that is 23,507 square feet. This is an excellent opportunity to acquire a waterfront site in a sub-market of Miami Beach with a significant development pipeline.

Exclusively Listed By

Financing By

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