Income
Crespi Apartments
640-650 85th Street &
725-735-755-785 84th Street
Miami Beach, FL 33141
Lot size: 56,683
Zoning: RM-1 Multi family
Allowable living area: 27,221
Price: $5,600,000
7 Lots, 7 buildings, 4 units each building,
3 bedrooms each unit.
Current NOI of $337,000 a year. The upside potential here is huge as these lots are all underdeveloped according to current zoning. Zoned RM-1 Multifamily low density with potential to more real estate or leave it as is and make a 6% Cap rate.
74th & Harding Apartments
7451 Harding Avenue
Miami Beach, FL 33141
Living area: 9,154
Zoning: CM-1 being used as Multi family
Lot size: 7,000
Sale Price: $3,349,500
Closing Date: March 2015
Corner lot apartment building close to business district in North Beach. The building consisted of 24 studio apartments. Transaction was closed using financing. Aquired by local real estate investor to add to his growing portfolio in North Beach, Miami Beach.
