2811 Indian Creek DrMiami Beach, FL 33140

This exceptional multifamily investment property, located at 2811 Indian Creek Dr, Miami Beach, FL 33140, presents a compelling value-add opportunity. The property, a two-story, Class B building constructed in 1932 and renovated in 1995, comprises three units within a single building on a 4,500 sq ft waterfront lot. With a total net rentable area of 3,000 sq ft, the asking price is $2,199,000, translating to $733,000 per unit. The property boasts a 4.80% cap rate and benefits from its prime location in the booming Faena Arts District, just one block from the ocean. The area is characterized by a very expensive rental market, surrounded by hotels, shopping, and restaurants. The property is conveniently situated on the free trolley route. The permitted zoning is RM-2. The property's waterfront location and proximity to amenities offer significant upside potential for future rental income. The current leases are in place for one year. APN: 02-3226-001-0990.