For Sale
$5,950,000

560 Michigan AveMiami Beach, FL 33139

9-Unit Miami Beach Apartment Building, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a stabilized, nine-unit apartment building in the heart of Miami Beach, Florida. Located at 560 Michigan Avenue, this property boasts two renovated buildings totaling 10,000-11,000 square feet on a 10,000 square foot double corner lot at 6th Street and Michigan Avenue. Built in 1937 and extensively renovated in 2016, the property features a mix of furnished one- and two-bedroom apartments, all equipped with fully equipped kitchens, bathrooms, and central air conditioning. Currently operating as short-term rentals with a 95% occupancy rate, the property generates a substantial net operating income (NOI) of $190,000, resulting in a 3.19% cap rate. The asking price is $5,950,000, translating to approximately $661,111 per unit. Each unit includes dedicated parking. Tenants are secured with corporate guarantees, and the property is leased under a NNN (Net, Net, Net) agreement. The property is classified as Class B and is zoned CPS2 MIXED RESIDENTIAL-COMMERCIAL, allowing for a potential future expansion up to 20,000 square feet. Its prime location near the 5th Street Mall, the new Five Park residential tower, City Park, Ocean Drive, and the beach ensures high demand and strong rental income. This is a rare opportunity to acquire a high-performing multifamily asset in one of Miami Beach's most desirable locations.

Highlights

  • Exceptional investment opportunity in Miami Beach.
  • High-demand location with strong rental potential.
  • Prime location for short-term rentals.
  • Excellent ROI potential.

Property Details for 560 Michigan Ave

Property type
Mixed-use properties, Apartment buildings
Square Feet
10,000 SF
Class
B
Year Built/Renovated
1937/2016
Buildings
2
Stories
2
Units
9

Location Insight

City
Miami Beach
County
Miami-Dade
State
Florida
Latitude
25.7756264
Longitude
-80.1385446
560 Michigan Ave, Miami Beach, Florida

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560 Michigan Ave
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