441 Collins AveMiami Beach, FL 33139

Property Details for 441 Collins Ave

Year built

1965

Property size (Sq ft)

2,580 SF

Property type

Hospitality properties

Description

This exceptional investment opportunity presents six out of thirty condo units at 441 Collins Ave, Miami Beach, Florida, 33139. The assemblage totals 2,580 square feet, with each unit offering either 420 or 450 rentable square feet. Currently boasting 100% occupancy (as of January 31, 2023), this Class B property offers significant upside potential. The units are situated on a 19,500 square foot lot, zoned RPS-3, and benefit from a prime location at the last vehicular intersection before the beach on Collins Avenue and 5th Street – a high-traffic area with exceptional visibility. Built in 1965, the property presents a compelling redevelopment opportunity. The current zoning allows for short-term rentals, a rare characteristic in the "South of Fifth" neighborhood. A full redevelopment could yield a substantial increase in floor area, potentially accommodating 70-75 rooms, 3,500 square feet of retail space, and 35 parking spaces. The property's proximity to the recently renovated Miami Beach Convention Center and numerous ongoing developments further enhances its long-term value. The asking price is $2,994,000 ($499,000 per unit), reflecting the unique potential of this assemblage. The property features one parking space per unit and is offered fee simple. The APNs are 02-4203-030-0020, 02-4203-030-0050, 02-4203-030-0070, 02-4203-030-0100, 02-4203-030-0130, and 02-4203-030-0190. This is a distressed sale. The building is a two-story structure with six units. This is a condo buyout opportunity.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.7744

Longitude

-80.133

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