Commercial property in Miami Beach, Florida № 2269406

Property description

Rare South Beach multifamily investment opportunity at 934 Meridian Avenue. This two-story, 16-unit property features 14 studios and two one-bedroom/one-bath residences, totaling 8,807 SF on a 7,000 SF lot. Offered at $4,300,000, the property generates a seller-provided annualized T-10 NOI of $221,799, representing a 5.16% current cap rate. A new roof and new water heater address two major capital items, allowing a future owner to focus on unit-level cosmetic improvements and potential rent growth. Zoned RM-1 and ideally located on a beautiful tree-lined street near Flamingo Park, Washington Avenue, Lincoln Road, Española Way, Ocean Drive and the beach. Offering Memorandum and financial information available upon request.