Description
733 Michigan is an exceptionally rare, fully gut-renovated multifamily asset situated on an oversized double lot in the heart of South Beach. Simply put, the Property represents a one-of-a-kind South Beach asset and one of the most comprehensively upgraded Art Deco multifamily offerings currently available in this highly sought-after market. The site’s expansive footprint stands in sharp contrast to the densely built, smaller-parcel properties that define the surrounding area, offering a scale and openness rarely encountered in this submarket. In addition, a sister property located at 1535 West Avenuecomprised of 8 similarly renovated unitsis available for acquisition either individually or as part of a portfolio, providing investors with immediate scale and operational efficiencies. Ownership has invested over $860,000 to transform the Property into a best-in-class rental asset, featuring high-end, condo-quality finishes throughout. 733 Michigan consists of eight (8) 2-bedroom / 1-bathroom units averaging $2,925 in current rents and two (2) 3-bedroom / 2-bathroom units averaging $4,350, most secured under 12-month leases. All units are fully furnished. Given the level of renovation and unit finishes, the asset is well-positioned for a potential future condominium conversion, offering an additional monetization pathway atop strong in-place cash flow.
Details
| MLS # | A12037030 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1938 |
| Days On Site | 73 |
| Listing Provided By | CBRE, Inc. | Periklis Synanidis |
Features
| SQ Feet | 6,802 |
|---|---|
| Story(s) | 1 |
| Units | 10 |
| Building(s) | 1 |
| Zoning | 3900 |
| Acreage | 14000.00 |
Area Information
| State | FL |
|---|---|
| County | Miami Dade |
| City | Miami Beach |
| Zip Code | 33139 |
| Area | 42 |
| Listing VS Median (in 33139) | |
Price: $4,500,000 low | high Med: $64,500 sqft: 6,802 low | high Med: 1,834 $ / sqft: $662 low | high Med: $35 On site: 73 low | high Med: 237 | |
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Learn More About This Property
| State | FL |
|---|---|
| County | Miami Dade |
| City | Miami Beach |
| Zip Code | 33139 |
| Area | 42 |
| Listing VS Median (in 33139) | |
Price: $4,500,000 low | high Med: $64,500 sqft: 6,802 low | high Med: 1,834 $ / sqft: $662 low | high Med: $35 On site: 73 low | high Med: 237 | |