Park Avenue Apartments
- World Renowned South Beach Location
- Walking Distance to Miami Beach Convention Center, Beaches, and Other Attractions
- RM-2 Zoning Allowing for Repositioning into Short-Term Rentals or Hospitality
- Zoning Allows an Investor to Increase the Building Square Feet to Approximately 36,000 SF
- Excellent Unit Mix of Studios, One-Bedroom and Three-Bedroom Units
- Upside in Rental Income
Property Description
The Park Avenue Apartments is a 35-unit apartment community strategically located in the Collins Park area of Miami Beach’s South Beach market. The community is made up of three, two-story buildings built in 1936 and 1950 on 18,000 square feet RM-2 zoned lot. The unit mix is made up of eight studios, 26 one-bedroom apartments, and one three-bedroom/two-bathroom apartment. The landlord pays for water, sewer, and trash removal and the buildings are individually metered for electric. The community has historically operated at full occupancy.Miami Beach attracts visitors from around the world for its beautiful beaches, entertainment, shopping, and unique restaurants. The property is located at 1935 Park Avenue which is a block east of the Miami Beach Convention Center, a block west of Collins Avenue, and just north of 19th Street. The property is near the Bass Museum and The Setai Hotel among numerous other attractions in Miami Beach.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Apartments |
| Price: | $12,000,000 |
| No. of Units: | 35 |
| GRM /GIM: | 12.59 |
| Opportunity Zone: | No |
| Price per unit: | $342,857 |
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Investing Classroom
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Brokers
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Carson Mitchell
Clements and Bush Trading | Texas
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"T." Furlow
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G B
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Eddie Jones
Marketing Alliances Group
Lenders
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Felix Gutnikov
California
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Gary Bechtel
North Carolina
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Brad Ross
California
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Ken Gaitan
Idaho
