1535 West Ave ,Income Non-waterfront, Apartments for Sale

1535 West Ave for Sale

Price $3,500,000.00

• Lot size 7500
• Year Build 1950
• Waterfront
• Zip 33139
• Style
• Parking Description None
• Pool Yes
• Status Active

Description

1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has fully approved plans with the City of Miami Beach to commence a full renovation in one of the convenient walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has eight units and full approvals to renovate to ten units. The ten units will total two 1BR/1BA and eight 2BR/2BA. The cost to renovate the property is forecasted to be $650,000 or $65,000 per unit. Upon completion, rents are slated to be $2,750 for 1BR/1BA and $3,650 for 2BR/2BA which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.

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33-34 53 42 COMMERCIAL SUB PB 6-5 LOT 6 BLK 66 A LOT SIZE 50.000 X 150 OR 19204-3538 06 2000 1

1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has fully approved plans with the City of Miami Beach to commence a full renovation in one of the convenient walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has eight units and full approvals to renovate to ten units. The ten units will total two 1BR/1BA and eight 2BR/2BA. The cost to renovate the property is forecasted to be $650,000 or $65,000 per unit. Upon completion, rents are slated to be $2,750 for 1BR/1BA and $3,650 for 2BR/2BA which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.

City:Miami Beach,Zoning:3900,List A O R:A-Miami Association of REALTORS,Stories:2,Latitude:25.7880417,List Price:3500000,Listing Id:A11457246,Longitude:-80.1420113,Mls Status:Active,Year Built:1950,Postal Code:33139,Street Name:West Ave,Coordinates:1:25.7880417,Photos Count:14,Days On Market:20,Listing Terms:1:Conventional/Refinance,Lot Size Units:Square Feet,On Market Date:2023-09-22,Parcel Number:02-32-34-018-0620,Property Type:Commercial Sale,Stories Total:2,Street Number:1535,Public Remarks:1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has fully approved plans with the City of Miami Beach to commence a full renovation in one of the convenient walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has eight units and full approvals to renovate to ten units. The ten units will total two 1BR/1BA and eight 2BR/2BA. The cost to renovate the property is forecasted to be $650,000 or $65,000 per unit. Upon completion, rents are slated to be $2,750 for 1BR/1BA and $3,650 for 2BR/2BA which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.,County Or Parish:Miami-Dade County,List Office Name:CBRE, Inc.,Standard Status:Active,Living Area Units:Square Feet,Major Change Type:New,Postal Code Plus4:2342,Property Sub Type:Income/MultiFamily,State Or Province:FL,Tax Annual Amount:37109,Unparsed Address:1535 West Ave, Miami Beach FL 33139,Listing Agreement:Exclusive Agency,Building Area Total:7392,Building Area Units:Square Feet,Lot Size Square Feet:7500,Number Of Buildings:1,Original List Price:3500000,Public Survey Range:32,I D X Participation Y N:1,Syndication Remarks:1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has fully approved plans with the City of Miami Beach to commence a full renovation in one of the convenient walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has eight units and full approvals to renovate to ten units. The ten units will total two 1BR/1BA and eight 2BR/2BA. The cost to renovate the property is forecasted to be $650,000 or $65,000 per unit. Upon completion, rents are slated to be $2,750 for 1BR/1BA and $3,650 for 2BR/2BA which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.,Listing Contract Date:2023-09-22,Originating System I D:miamire,Public Survey Section:34,Showing Instructions:Call Listing Agent,Street Number Numeric:1535,Tax Legal Description:33-34 53 42 COMMERCIAL SUB PB 6-5 LOT 6 BLK 66 A LOT SIZE 50.000 X 150 OR 19204-3538 06 2000 1,Public Survey Township:32,Originating System Name:Miami Association of REALTORS?,Sub Agency Compensation:2%,M I A M I R E_ Internet Remarks:1535 West Avenue is value-add property located in the heart of South Beach. Currently with 8 units and plans to renovate to 10 units.,Contract Status Change Date:2023-09-22,Number Of Units In Community:8,Transaction Broker Compensation:2%,Internet Entire Listing Display Y N:1,Transaction Broker Compensation Type:%,