Flamingo-Lummus
$2,775,000
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Description
1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost...1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.
- Listed by Neal Victor • CBRE, Inc.
Property Details for Flamingo-Lummus
Area
32
AuctionNo
Num Stories2
LISTING UPDATED: 04/10/2024 01:44 PM
Property Details for Flamingo-Lummus
Status | Active |
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MLS # | A11537022 |
Days on Market | 307 |
Taxes | $43,229 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Commercial/Industrial / Income/Multi Family |
Year Built | 1950 |
Lot Size | 0.17 AC / 7,500 SF |
County | Miami-Dade County |
Building Information for Flamingo-Lummus
Stories-Residences-Year Built1950Building Size-Lot Size0.17 AC / 7,500 SF
Property Information for Flamingo-Lummus
Property History for Flamingo-Lummus
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for Flamingo-Lummus
Taxable ValueLand$1,875,000Additions$412,642Total$2,287,642
Tax Record2023$43,229 ($3,602 / month)
Home Facts
Total Finished SqFt7,392 SqFtAbove Grade Finished SqFt7,392 SqFtStories2Lot Size7,500 SqFtStyleMulti-Family Dwelling (2-4)Year Built1950Zoning3900:MULTI-FACountyMIAMI-DADEAPN02-3234-018-0620
Schools near Flamingo-Lummus
This home is within Miami-Dade County Public Schools.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 8 | |||
Public - | PK to 8 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Air Base K-8 Center for International Education PublicPK to 8 | ||
Fienberg/Fisher K-8 Center PublicPK to 8 | ||
Nautilus Middle School Public6 to 8 | ||
Robert Morgan Voc-Tech Institute Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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