Commercial Sale
Price:$4,000,000
Location: Miami Beach, FL
Year Built: 1935
Days on Market: 70
Description:
ATTENTION INVESTORS! Noble Pine Tree Apartments is a rare opportunity for investors looking to enter the Mid-Beach market and own 12 move-in ready residences. All units are fully renovated, with most featuring new in-unit washer/dryers. The unit mix includes (1) two-bedroom, (5) one-bedrooms, and (6) studios. The current average rent per unit is $2,175. Though there are 12 operating units, the building was originally constructed as 8 legal units. The property has been thoughtfully upgraded over time, with modern cabinetry, tile flooring, updated appliances, new vanities, lighting, countertops, and select kitchenettes. In-Place NOI: $232,202. In-Place Cap Rate: 5.4%.
CALLING ALL INVESTORS! Own 12 renovated units in Mid-Beach w/ $232K NOI, 5.4% cap, in-unit W/Ds, & strong rents. Rare value-add opportunity!
Listing Code: 1112153300