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Mixed-Use

727 Collins Avenue

727 Collins Avenue, Miami Beach, FL 33139

Listing Price: Request For Offer

Number of Units
25
Occupancy
80.0%
Gross SF
23,238

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale 727 Collins Avenue, a value-add, mixed-use opportunity located in Miami Beach (South Beach), Florida. VALUE ADD OPPORTUNITY – CONVERSION TO SHORT TERM RENTALS OR HOTEL 727 Collins Avenue has been operated as low-income housing tax-credit apartment building. However, these low-income restrictions expired in April 2022. As a result of the income restriction expiration and given the property is located within the Commercial - Mixed Use Entertainment District, it is anticipated that an incoming investor will convert the property to short-term rentals or a limited-service hotel and renovate in accordance with the guidelines designated by the City of Miami Beach. These permitted uses allow for a tremendous value and revenue generation. SUBJECT PROPERTY 727 Collins Avenue currently operates as a mixed-use property with 25 apartments and a ground floor retail store. The property was built in 1930 and comprises 23,238 square-feet of living area and on a 7,000 square-foot lot, according to the Miami Dade Property Appraiser. The property consists of (16) one-bedroom | one-bathroom apartments, (9) two-bedroom | two-bathroom apartments and a 4,793 square foot ground floor retail space. Features include central air conditioning, a mix of carpeted and wood flooring, formica and granite counter tops and electric appliances. 727 Collins Avenue also includes a lobby with as a single-cab elevator, resident mailboxes and a laundry room with (3) washing machines and (3) dryers. LOCATION 727 Collins Avenue is situated just one block west of Ocean Drive and world-famous South Beach and two blocks north of 5th Street, allowing for easy access to the MacArthur Causeway. The surrounding area consists almost exclusively of hotels, various retail stores and restaurants. The average household income is reportedly $113,231 within three miles, according to Experian. South Beach stretches from 23rd street down to South Pointe Pier. South Beach is known for its colorful art deco buildings, vibrant nightlife, sandy beaches and exquisite shopping and dining attractions. South Pointe Park & Beach are located at the southernmost tip of South Beach and offer visitors a beautifully landscaped greenspace with incredible views of Fisher Island. Just north of South Pointe Pier you will find the Art Deco District and Ocean Drive. Home to Lummus Park, you will find rollerbladers zipping up and down the beachside pathways, as well as locals and tourists working out at Muscle Beach. Ocean Drive boasts ample outdoor cafes where you can enjoy colorful cocktails, fine dining, and dancing. As you continue to travel north along the beach you will find Lincoln Road, South Florida’s most popular people-watching destination and home to a variety of boutiques, art galleries, outdoor cafes, shops, and restaurants. For a more detailed view of the surrounding area attractions proximate to 727 Collins please see page 6 herein. Surrounding area retailers and attractions include Ocean Drive (0.1 miles), Lummus Park (0.3 miles), Publix Supermarket at Fifth & Alton (0.6 miles), Joe’s Stone Crab (0.6 miles), Prime 112 (0.6 miles), Flamingo Park (0.7 miles), Nikki Beach (0.7 miles), Espanola Way (0.7 miles) and South Pointe Park (0.9 miles). Additionally, Lincoln Road (1.1 miles), Soundscape Park (1.1 miles), the Fillmore (1.2 miles), Miami Beach Convention Center (1.3 miles) and Collins Park (1.4 miles) are all just a short walk north from the property. Area education centers include South Pointe Elementary School (0.6 miles), Feinberg Elementary School (1.1 miles), Miami Beach Senior High School (1.7 miles), and St. Patrick’s School (3.1 miles). SUMMARY 727 Collins is offered for sale unpriced, to be determined by the market.

Investment Highlights

  • AAA South Beach Location on Collins Avenue, One Block from Beach
  • Value Add Opportunity: Short Term Rental or Hotel Conversion Opportunity
  • Potential 69-Room Hotel Conversion Available in Data Room
  • Located in the MXE - Mixed Use Entertainment District
  • Walk to Ocean Drive, Beach & Shopping, Dining, Entertainment Attractions

Exclusively Listed By

Financing By

Mixed-Use

727 Collins Avenue

Listing Price: Request For Offer

Number of Units
25
Occupancy
80.0%
Gross SF
23,238

Investment Highlights

  • AAA South Beach Location on Collins Avenue, One Block from Beach
  • Value Add Opportunity: Short Term Rental or Hotel Conversion Opportunity
  • Potential 69-Room Hotel Conversion Available in Data Room
  • Located in the MXE - Mixed Use Entertainment District
  • Walk to Ocean Drive, Beach & Shopping, Dining, Entertainment Attractions

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale 727 Collins Avenue, a value-add, mixed-use opportunity located in Miami Beach (South Beach), Florida. VALUE ADD OPPORTUNITY – CONVERSION TO SHORT TERM RENTALS OR HOTEL 727 Collins Avenue has been operated as low-income housing tax-credit apartment building. However, these low-income restrictions expired in April 2022. As a result of the income restriction expiration and given the property is located within the Commercial - Mixed Use Entertainment District, it is anticipated that an incoming investor will convert the property to short-term rentals or a limited-service hotel and renovate in accordance with the guidelines designated by the City of Miami Beach. These permitted uses allow for a tremendous value and revenue generation. SUBJECT PROPERTY 727 Collins Avenue currently operates as a mixed-use property with 25 apartments and a ground floor retail store. The property was built in 1930 and comprises 23,238 square-feet of living area and on a 7,000 square-foot lot, according to the Miami Dade Property Appraiser. The property consists of (16) one-bedroom | one-bathroom apartments, (9) two-bedroom | two-bathroom apartments and a 4,793 square foot ground floor retail space. Features include central air conditioning, a mix of carpeted and wood flooring, formica and granite counter tops and electric appliances. 727 Collins Avenue also includes a lobby with as a single-cab elevator, resident mailboxes and a laundry room with (3) washing machines and (3) dryers. LOCATION 727 Collins Avenue is situated just one block west of Ocean Drive and world-famous South Beach and two blocks north of 5th Street, allowing for easy access to the MacArthur Causeway. The surrounding area consists almost exclusively of hotels, various retail stores and restaurants. The average household income is reportedly $113,231 within three miles, according to Experian. South Beach stretches from 23rd street down to South Pointe Pier. South Beach is known for its colorful art deco buildings, vibrant nightlife, sandy beaches and exquisite shopping and dining attractions. South Pointe Park & Beach are located at the southernmost tip of South Beach and offer visitors a beautifully landscaped greenspace with incredible views of Fisher Island. Just north of South Pointe Pier you will find the Art Deco District and Ocean Drive. Home to Lummus Park, you will find rollerbladers zipping up and down the beachside pathways, as well as locals and tourists working out at Muscle Beach. Ocean Drive boasts ample outdoor cafes where you can enjoy colorful cocktails, fine dining, and dancing. As you continue to travel north along the beach you will find Lincoln Road, South Florida’s most popular people-watching destination and home to a variety of boutiques, art galleries, outdoor cafes, shops, and restaurants. For a more detailed view of the surrounding area attractions proximate to 727 Collins please see page 6 herein. Surrounding area retailers and attractions include Ocean Drive (0.1 miles), Lummus Park (0.3 miles), Publix Supermarket at Fifth & Alton (0.6 miles), Joe’s Stone Crab (0.6 miles), Prime 112 (0.6 miles), Flamingo Park (0.7 miles), Nikki Beach (0.7 miles), Espanola Way (0.7 miles) and South Pointe Park (0.9 miles). Additionally, Lincoln Road (1.1 miles), Soundscape Park (1.1 miles), the Fillmore (1.2 miles), Miami Beach Convention Center (1.3 miles) and Collins Park (1.4 miles) are all just a short walk north from the property. Area education centers include South Pointe Elementary School (0.6 miles), Feinberg Elementary School (1.1 miles), Miami Beach Senior High School (1.7 miles), and St. Patrick’s School (3.1 miles). SUMMARY 727 Collins is offered for sale unpriced, to be determined by the market.

Exclusively Listed By

Financing By

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