1535 West Ave ,Apartments for Sale

1535 West Ave for Sale

Price $2,775,000.00

• Lot size 7500
• Year Build 1950
• Waterfront
• Zip 33139
• Style
• Parking Description
• 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 plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 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%.

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 plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 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:2775000,Listing Id:A11537022,Longitude:-80.1420113,Mls Status:Active,Year Built:1950,Postal Code:33139,Street Name:West Ave,Coordinates:1:25.7880417,Photos Count:15,Days On Market:49,Lot Size Units:Square Feet,M I A M I R E_ Area:32,On Market Date:2024-02-21,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 plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 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:Price Decrease,Postal Code Plus4:2342,Property Sub Type:Income/MultiFamily,State Or Province:FL,Tax Annual Amount:43229,Unparsed Address:1535 West Ave, Miami Beach FL 33139,Listing Agreement:Exclusive Agency,Building Area Total:7392,Building Area Units:Square Feet,Lot Size Dimensions:50x150,Lot Size Square Feet:7500,Number Of Buildings:1,Original List Price:3250000,Previous List Price:2995000,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 plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 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:2024-02-21,Originating System I D:miamire,Public Survey Section:34,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 a value-add property that has plans to renovate the existing 8 units to a 10-unit property.,Contract Status Change Date:2024-02-21,Number Of Units In Community:8,Transaction Broker Compensation:2%,Internet Entire Listing Display Y N:1,M I A M I R E_ Compensation Disclaimer:BBC: 2%, The offer of compensation is made only to participants of the MLS where the listing is filed.,Transaction Broker Compensation Type:%,