916 West 42nd St

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Address: 916 West 42nd St, Miami Beach, Florida, US
Created date: November 27, 2023
Date last updated: November 27, 2023
  • Art-Deco Influenced Miami Beach Apartment Building
  • Opportunity To Buy Stable Cash Flowing Asset Offering 26.27% In Upside Of Rental Income
  • New Secured Gated Entrance & Railings
  • Exterior Upgrades Include New Lighting, Security Camera System, Artificial Turf & Landscaping
  • Exterior Façade Stucco Renewed With New Hallway Ceilings
  • Updated Cable TV Wires Running Through Interior Conduit
  • Majority In Wall AC Units Replaced
  • Most Of The Units Have Been Completely Upgraded With Priemer Finishes
  • Located In The Highly Sought Out Market Of Miami Beach

Property Description

916 W 42nd Apartments is a 10-unit two-floor multifamily community located in the heart of Miami Beach, Florida, which is in Miami Dade County. The subject property was built in 1940 and has undergone numerous recent renovations. Most units feature premier upgrades consisting of new flooring, updated kitchens and bathrooms, electrical appliances, and new in-wall air conditioning units. Exterior upgrades have been made to the property such as a new secured gated entrance & railings, new lighting, security camera system, tropical artificial turf landscaping, and exterior façade stucco renewed with hallway ceilings. All the units also feature updated cable TV wires running through the interior conduit. The property is located on the south side of W 42nd St and is just a couple blocks from major retailers. The surrounding area boasts multi-family buildings of similar age and construction. The asset is conveniently located east of Alton Rd, south of W 43rd St, and north of Arthur Godfrey Rd. W 42nd St leads into the renowned Miami Beaches just to the east of the property. Within minutes of walking, you can access the shops and restaurants of Miami Beach. Additionally, 916 W 42nd Apartments is located in one of the fastest-growing markets in Miami Dade County due to it being a favorite spot for local natives. The investment opportunity consists of a unit mix of (8) studios & (2) one-bed & one bathroom totaling approximately 5,270 RSF. The property boasts amenities such as luxurious living units, great walking distance to local destinations, and a large tropical courtyard. 916 W 42nd Apartments offers an investor the opportunity to purchase an unbelievably located stable cash flowing asset with a potential rent increase of 26.27% in the heart of one of the hottest markets in Florida. The investment opportunity offers amazing rents on day one with the ability to increase rents significantly in a location that simply cannot be beaten.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments | Garden Style
Price: $3,450,000
No. of Units: 10
Year Built: 1940
Building Size: 5,270 Sq ft
Opportunity Zone: No
Price per unit: $345,000
Address: 916 West 42nd St, Miami Beach, Florida, US

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