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1568 Drexel Avenue, Miami Beach, FL

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1568 Drexel Avenue

Miami Beach, FL 33139 - Flamingo-Lummus MF Submarket

Property Type:Multi-Family Number of Units:8 Status:Existing Year Built:1938
Stories:2 Building Size:4,410 SF Land Area:.18 AC (8,002 SF)
For Sale Price:$1,900,000 Price/Unit:$237,500.00 Cap Rate:5.18 % GRM:-


Sale Notes:
Marcus & Millichap is pleased to present for sale 1568 Drexel Avenue which consists of:
a two-story building located within yards of world famous Lincoln Road in South Beach, a sub-market of Miami Beach, Florida.
Building has eight one-bedroom/one-bath units which have been partially renovated. The building is currently run as an apartment hotel/hostel and will be delivered in as-is condition. There is an additional square footage that could be built on the rear portion of the building, which will allow an investor to build approximately 5,500 square feet of additional living space.

The property is also three blocks west of the Atlantic Ocean, one block north of Española Way, and two blocks west of Ocean Drive This offering gives an investor the opportunity to purchase an apartment building in the hottest, most stable, irreplaceable rental market place in Dade-County. Furthermore, the market offers exceptional access to employment, neighborhood services, entertainment, shopping, and the best Florida beaches.

Marcus & Millichap Inc
Arthur D Porosoff
(786) 522-7058

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