1311 15Th TerMiami Beach, FL 33139

Property Details for 1311 15Th Ter

Year built

1925

Property type

Apartment buildings

Property subtype

Small apartment buildings

Description

This exceptional 7-unit multifamily property in Miami Beach presents a compelling investment opportunity. Built in 1925, this two-story building comprises five units in the main structure and two in a detached cottage. The main building features three studios (two with yards, one with a balcony) and two two-bedroom, one-bathroom units (one with a yard, one with a balcony). The cottage offers one one-bedroom unit upstairs and another downstairs. All tenants share a common backyard and laundry facilities. The property is offered at $2,450,000. Alternatively, the site is shovel-ready for redevelopment into an elegant four-story boutique building. Plans call for six identical 1310-square-foot, three-bedroom, two-bathroom units, two per floor, each with a private wrap-around balcony, and underground parking. A fantastic common rooftop with a pool and summer kitchen is also envisioned. This redevelopment project capitalizes on the high demand for three-bedroom, two-bathroom condos in South Beach boutique buildings. The existing rental income provides immediate cash flow while the redevelopment potential offers significant long-term appreciation. Located at 1311 15th Ter, Miami Beach, FL 33139, this property is situated in Miami-Dade County.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.7883

Longitude

-80.1428

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