For Sale
$4,750,000

2011 Bay DrMiami Beach, FL 33141

15-Unit, Renovated Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
This fully renovated, 15-unit apartment building in Miami Beach's North Beach offers a compelling investment opportunity. Located on Bay Drive, this four-story, Mediterranean-style building boasts 12,508 square feet on a 7,266 square foot lot. All 15 units are large one-bedrooms (830+ sq ft), currently 100% occupied with an average rent of $1,812 per month, presenting significant upside potential given below-market rents. Recent renovations include impact windows and glass, updated plumbing, new appliances, granite countertops in select units, new lighting, security cameras, controlled access, porcelain tile flooring, fresh paint, resurfaced parking lot, updated railings and hallways, and a renovated elevator with waterproofed shaft. The building features a reinforced concrete roof, covered on-site parking, and a 40-year recertification. The property benefits from its prime location, minutes from the beach and major retailers like Publix, and is situated within a rapidly developing area slated for significant investment and improvement as part of a North Beach master plan. The current NOI is $226,939, with a pro-forma NOI of $284,778 and a pro-forma cap rate of 6.00%. The asking price is $4,750,000, representing a current cap rate of 4.80% and a price per square foot of $379.76. The property is zoned RM-1. This turnkey investment offers strong cash flow and significant potential for future appreciation.

Highlights

  • Renovated apartments and building with updated features.
  • Excellent unit layouts.
  • Prime Miami Beach location on iconic Bay Drive.
  • Impact windows with warranty.
  • Walk-in closets.
  • Central air conditioning.

Property Details for 2011 Bay Dr

Property type
Apartment buildings
Square Feet
12,508 SF
Buildings
1
Stories
4
Units
15

Location Insight

City
Miami Beach
County
Miami-Dade
State
Florida
Latitude
25.850633
Longitude
-80.1420664
2011 Bay Dr, Miami Beach, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
2011 Bay Dr
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message