2822 Pine Tree Dr ,Income Non-waterfront, Residential-multi-family for Sale

2822 Pine Tree Dr for Sale

Price $4,300,000.00

• Lot size 8580
• Year Build 1935
• Waterfront
• Zip 33140
• Style
• Parking Description
• Pool Yes
• Status Active

Description

Comprising 12 operating units, Noble Pine Tree Apartments offers a unique investment opportunity for an investor looking to break into the Mid-Beach market. All operating units are fully-renovated and a majority of the apartments have new in-unit washer/dryers. The property consists of (1) two-bedrooms, (5) one-bedrooms and (6) studios. The average in-place rent per-unit stands at $2,175. The property consists of 12 operating units; however, it was built as 8 legal/conforming units. The property has undergone significant renovations over the years including new modern cabinetry, updated appliances, modern-tile flooring, new vanities, lighting, counter tops and kitchenettes (in select units). In-Place NOI: $232,202 In-Place Cap Rate: 5.4%

With the barriers to entry in this pocket being some of the highest in Miami, the location is unparalleled. Noble Pine Tree Apartments sits on a spacious 8,580 square foot lot and features a generous yard with shared porches as a common area amenity. Featuring tables, a seating area, hammocks and sun-umbrellas. It is situated next to multi-million dollar homes on Miami Beach?s prestigious Pine Tree Drive and a 5-minute walk to the beach. The subject property is also located less than a block away from one of Miami Beach?s biggest projects, Bayshore Park. This property presents an attractive option for investors looking to own a valuable asset in a highly sought-after Miami Beach location.

FAIRGREEN R/S BLKS C-D-E PB 4-154 LT 12 LESS BEG NW COR LT 11 N 14.43FTSE TO NE COR LT 11 WALG N/ L LT 11 TO POB BLK D LOT SIZE 60.000 X 143

Comprising 12 operating units, Noble Pine Tree Apartments offers a unique investment opportunity for an investor looking to break into the Mid-Beach market. All operating units are fully-renovated and a majority of the apartments have new in-unit washer/dryers. The property consists of (1) two-bedrooms, (5) one-bedrooms and (6) studios. The average in-place rent per-unit stands at $2,175. The property consists of 12 operating units; however, it was built as 8 legal/conforming units. The property has undergone significant renovations over the years including new modern cabinetry, updated appliances, modern-tile flooring, new vanities, lighting, counter tops and kitchenettes (in select units). In-Place NOI: $232,202 In-Place Cap Rate: 5.4%

City:Miami Beach,Zoning:3900,List A O R:A-Miami Association of REALTORS,Stories:2,Latitude:25.8053273,List Price:4300000,Listing Id:A11672674,Longitude:-80.128315,Mls Status:Active,Year Built:1935,Postal Code:33140,Street Name:Pine Tree Dr,Coordinates:1:25.8053273,Photos Count:31,Days On Market:74,Lot Size Units:Square Feet,M I A M I R E_ Area:32,On Market Date:2024-10-07,Parcel Number:02-32-27-004-0220,Property Type:Commercial Sale,Stories Total:2,Street Number:2822,Public Remarks:Comprising 12 operating units, Noble Pine Tree Apartments offers a unique investment opportunity for an investor looking to break into the Mid-Beach market. All operating units are fully-renovated and a majority of the apartments have new in-unit washer/dryers. The property consists of (1) two-bedrooms, (5) one-bedrooms and (6) studios. The average in-place rent per-unit stands at $2,175. The property consists of 12 operating units; however, it was built as 8 legal/conforming units. The property has undergone significant renovations over the years including new modern cabinetry, updated appliances, modern-tile flooring, new vanities, lighting, counter tops and kitchenettes (in select units). In-Place NOI: $232,202 In-Place Cap Rate: 5.4%,County Or Parish:Miami-Dade County,List Office Name:STL Advisors, LLC,Private Remarks:With the barriers to entry in this pocket being some of the highest in Miami, the location is unparalleled. Noble Pine Tree Apartments sits on a spacious 8,580 square foot lot and features a generous yard with shared porches as a common area amenity. Featuring tables, a seating area, hammocks and sun-umbrellas. It is situated next to multi-million dollar homes on Miami Beach?s prestigious Pine Tree Drive and a 5-minute walk to the beach. The subject property is also located less than a block away from one of Miami Beach?s biggest projects, Bayshore Park. This property presents an attractive option for investors looking to own a valuable asset in a highly sought-after Miami Beach location.,Standard Status:Active,Living Area Units:Square Feet,Major Change Type:Price Decrease,Postal Code Plus4:4379,Property Sub Type:Income/MultiFamily,State Or Province:FL,Tax Annual Amount:33700,Unparsed Address:2822 Pine Tree Dr, Miami Beach FL 33140,Listing Agreement:Exclusive Agency,Building Area Total:5983,Building Area Units:Square Feet,Lot Size Square Feet:8580,Number Of Buildings:2,Original List Price:4400000,Previous List Price:4400000,Public Survey Range:32,I D X Participation Y N:1,Net Operating Income:232202,Syndication Remarks:Comprising 12 operating units, Noble Pine Tree Apartments offers a unique investment opportunity for an investor looking to break into the Mid-Beach market. All operating units are fully-renovated and a majority of the apartments have new in-unit washer/dryers. The property consists of (1) two-bedrooms, (5) one-bedrooms and (6) studios. The average in-place rent per-unit stands at $2,175. The property consists of 12 operating units; however, it was built as 8 legal/conforming units. The property has undergone significant renovations over the years including new modern cabinetry, updated appliances, modern-tile flooring, new vanities, lighting, counter tops and kitchenettes (in select units). In-Place NOI: $232,202 In-Place Cap Rate: 5.4%,Listing Contract Date:2024-10-07,Originating System I D:miamire,Public Survey Section:27,Street Number Numeric:2822,Tax Legal Description:FAIRGREEN R/S BLKS C-D-E PB 4-154 LT 12 LESS BEG NW COR LT 11 N 14.43FTSE TO NE COR LT 11 WALG N/ L LT 11 TO POB BLK D LOT SIZE 60.000 X 143,Public Survey Township:32,Originating System Name:Miami Association of REALTORS?,M I A M I R E_ Internet Remarks:Cash-flowing multifamily in Mid-Beach - 12-Units - Renovated/Updated - Prime Miami Beach location,Contract Status Change Date:2024-10-07,Internet Address Display Y N:1,Number Of Units In Community:12,M I A M I R E_ Ok To Advertise List:No,Internet Entire Listing Display Y N:1,