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Multifamily

Miami Beach Redevelopment Opportunity On Park Ave

1935 Park Ave, Miami Beach, FL 33139

Listing Price: $15,000,000

Cap Rate
0.30%
Number of Units
35
Occupancy
95.0%
Price/Unit
$428,571
Price/Gross SF
$682.31
Gross SF
21,984

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale 1935 Park Avenue, a hotel redevelopment opportunity located in Miami Beach, Florida. The property is located the Collins Park District of South Beach, just one block from the Miami Beach Convention Center, Collins Park and The Bass (museum). Other nearby attractions include The Fillmore Miami Beach at the Jackie Gleason Theater (two blocks) and New World Center (three blocks). Additionally, Lincoln Road (one of the top 10 retail streets in the United States) and the beach are each located just a short walk from 1935 Park Avenue. 1935 Park Avenue was originally constructed in phases in 1936 and 1950 and consists three buildings totaling 35 units. The property encompasses a 18,000 square-foot lot and is located within the Collins Park District under the RM-2 zoning code. An incoming investor has the opportunity to add significant value by converting the property to a hotel or short-term rental. Investors will need to comply in accordance with the RM-2 zoning guidelines designated by the City of Miami Beach. However, a new ordinance was passed in June 2019, which reduced the minimum square footage for new or renovated hotel rooms to 200 square feet and removed any parking requirement or impact fees for hotels. The RM-2 zoning code offers a favorable floor-area ratio (FAR) of 2.0, which would allow for a total of up to 30,000 buildable square feet, as well as a maximum building height of five stories and 50 feet.

Investment Highlights

  • Many Major Retailers Within a .5 Mile Radius
  • Three Blocks to the Beach
  • Extremely Close Proximity to Miami Beach Convention Center, Lincoln Road, Miami Beach Golf Course, The Fillmore, The Bass, Collins Park

Exclusively Listed By

Financing By

Multifamily

Miami Beach Redevelopment Opportunity On Park Ave

Listing Price: $15,000,000

Cap Rate
0.30%
Number of Units
35
Occupancy
95.0%
Price/Unit
$428,571
Price/Gross SF
$682.31
Gross SF
21,984

Investment Highlights

  • Many Major Retailers Within a .5 Mile Radius
  • Three Blocks to the Beach
  • Extremely Close Proximity to Miami Beach Convention Center, Lincoln Road, Miami Beach Golf Course, The Fillmore, The Bass, Collins Park

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale 1935 Park Avenue, a hotel redevelopment opportunity located in Miami Beach, Florida. The property is located the Collins Park District of South Beach, just one block from the Miami Beach Convention Center, Collins Park and The Bass (museum). Other nearby attractions include The Fillmore Miami Beach at the Jackie Gleason Theater (two blocks) and New World Center (three blocks). Additionally, Lincoln Road (one of the top 10 retail streets in the United States) and the beach are each located just a short walk from 1935 Park Avenue. 1935 Park Avenue was originally constructed in phases in 1936 and 1950 and consists three buildings totaling 35 units. The property encompasses a 18,000 square-foot lot and is located within the Collins Park District under the RM-2 zoning code. An incoming investor has the opportunity to add significant value by converting the property to a hotel or short-term rental. Investors will need to comply in accordance with the RM-2 zoning guidelines designated by the City of Miami Beach. However, a new ordinance was passed in June 2019, which reduced the minimum square footage for new or renovated hotel rooms to 200 square feet and removed any parking requirement or impact fees for hotels. The RM-2 zoning code offers a favorable floor-area ratio (FAR) of 2.0, which would allow for a total of up to 30,000 buildable square feet, as well as a maximum building height of five stories and 50 feet.

Exclusively Listed By

Financing By

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