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Home   Real Estate   Miami Area   Multi-Family Residences for Sale   1 BR -

1818 Meridian Avenue, Miami Beach FL 33139

28 Units Apartment Complex

Posted on Local.com Classifieds - Over 4 weeks ago
Price:
$5,000,000
BR/BA:
1 BR, 1 BA
Property Type:
Multi-Family Residences for Sale
Location:
Miami Beach (City Center), FL

1818 Meridian Avenue, Miami Beach Description

1818 Meridian

Miami Beach, Florida

1818 Meridian Avenue, a value-add 28-unit apartment community located in the heart South Beach. Originally built in 1956, the two-story community is comprised of 8 efficiency, 4 studios and 16 one bedroom / one bath units totaling 17,600 rentable square feet. As one of the few remaining un-renovated properties in the area, 1818 Meridian presents an immediate opportunity for investors looking to renovate and reposition an asset in one of South Florida’s most desirable locations.

1818 Meridian is located one block north of South Beach’s Lincoln Road shopping area. Residents are a short walk from world class restaurants and shopping. The property is also across from the Miami Beach Convention Center and Jackie Gleason Theatre, which host major entertainment events throughout the year.

Rent levels at the property are well below market averages. Comparable, but renovated units in the area command rents over $400 per unit higher than the property currently charges. New ownership should be able to significantly increase revenue following unit renovations.

Condominiums on South Beach continue to draw buyers from around the world. Over the last 12 months the average condominium within the 33139 zip code sold for over $850,000. Savvy converters will be able to position 1818 Meridian well below comparable properties.

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This Multi-Family Real Estate located at 1818 Meridian Avenue, Miami Beach FL 33139 is currently for sale and was listed Over 4 weeks ago. 1818 Meridian Avenue is in City Center in Miami Beach, FL. See other Multi-Family Real Estate near 1818 Meridian Avenue or other Miami Beach Real Estate