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511 - 515 16th Street - 1600 Drexel, Miami Beach, FL
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511 - 515 16th Street - 1600 Drexel
Miami Beach, FL 33139 - Flamingo-Lummus MF Submarket
Number of Units:
.18 AC (8,002 SF)
For Sale Price:
Marcus & Millichap is proud to present 511-515 16th Street in Miami Beach, Florida. Two, two story structures sitting on one parcel, constructed in 1924 and 1953, consisting of three one-bedroom/one-bath units, one suite/one-bath, one efficiency/one-bath and nine studios/one-bath units, totaling 6,583 square feet of rentable space on a 8,000-square foot lot.
Buildings are just steps from world-renowned Lincoln Road. The investor has a tremendous opportunity to purchase a property with in place cash flow and continue to operate it as an apartment building in an appreciating market. Depending on the investor' s business plan, potential exit strategies include correctly timed conversion to condominiums. This offering is for the investor seeking to own in the absolute best location along with an irreplaceable market, in the highest appreciating submarket of Miami-Dade County. An investor will have the upside potential to raise rents closer to market rates and increase cash flow through capital improvement. This long-term investment would yield a reasonable return for those seeking to shelter wealth.
CLICK HERE TO CONTACT THE SALES BROKER
FOR SALE CONTACTS
Marcus & Millichap Inc
Arthur D Porosoff
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