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.
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Contacts
Roberto Pecchi
Frank Euler
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560 Michigan Ave, Miami Beach, Florida, 33139
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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560 Michigan Ave
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