2822 Pine Tree DrMiami Beach, FL 33140

Property Details for 2822 Pine Tree Dr

Property size (Sq ft)

5,983 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment building in Miami Beach presents a compelling investment opportunity. Boasting a prime Mid-Beach location, just a 5-minute stroll from the beach, this property offers significant upside potential. The 5,983 square foot building sits on an 8,580 square foot lot (APN: 02-3227-004-0220) and features a mix of unit types: one two-bedroom, five one-bedroom, and six studio apartments. All units have undergone complete renovations, showcasing updated kitchens and bathrooms, new modern tile flooring, and in-unit washer/dryers. The building also benefits from spacious common areas, including shared porches with tables, seating, hammocks, and umbrellas, and on-site parking. Currently generating a NOI of $232,202 and a 5.28% cap rate, the property is priced at $4,400,000. The average in-place rent per unit is $2,175. While currently operating as 12 units, the building was originally constructed as 8 legally conforming units. Its location near the multi-million dollar homes on Pine Tree Drive and the upcoming Bayshore Park (a $42,800,000 development) further enhances its value and long-term prospects. The RM-1 zoning provides flexibility for future development. This property offers a rare combination of location, renovated units, and strong cash flow, making it an ideal investment in a highly sought-after Miami Beach neighborhood. The property's proximity to the beach and the upcoming Bayshore Park development promises continued appreciation and strong rental demand.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.8053

Longitude

-80.1283

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