1535 West Ave - Apartments FOR SALE


Miami Beach, FL 33139- Flamingo
$4,250,000 USD
1535 West Ave, Miami Beach, FL for Sale
$4,250,000 USD
Apartments - FOR SALE
1/32
null | 5.7% Cap Rate

1535 West Ave
Miami Beach, FL 33139
Flamingo


HIGHLIGHTS

  • Fully Renovated Property
  • Unmatched Walkability & Connectivity
  • World-Class Location in the Heart of South Beach

OVERVIEW

CBRE, as exclusive advisor, is pleased to present the opportunity to acquire 1535 West Ave, an exceptionally rare, fully gut-renovated multifamily asset in the heart of South Beach. Simply put, the Property represents one of the most comprehensively upgraded Art Deco multifamily offerings currently available in this highly sought-after market. In addition, a sister property located at 733 Michigan Avenue—comprised of 10 similarly renovated units—is available for acquisition either individually or as part of a portfolio, providing investors with immediate scale and operational efficiencies. Ownership has invested over $800,000 to transform the Property into a best-in-class rental asset, featuring high-end, condo-quality finishes throughout. 1535 West Ave consists of four (4) 2-bedroom / 1-bathroom units averaging $3,140 in current rents and four (4) 3-bedroom / 2-bathroom units averaging $4,463, all secured under 12-month leases. Given the level of renovation and unit finishes, the asset is well-positioned for a potential future condominium conversion, offering an additional monetization pathway. Strategically located at the epicenter of South Beach, the Property benefits from immediate proximity to the area’s premier demand drivers, including Lincoln Road, Ocean Drive, Collins Avenue, and Washington Avenue. South Beach remains one of the most supply-constrained multifamily submarkets in the United States, with significant barriers to entry and enduring global appeal. 1535 West Ave represents a rare opportunity to acquire a turnkey, “plug-and-play” multifamily asset with minimal near-term capital requirements in one of the world’s most desirable and high-growth rental markets.

FOR SALE DETAILS

PRICE

$4,250,000 USD

PRICE/SF

$575 USD /SF

# OF UNITS

8

PRICE/UNIT

$531,250

CAP RATE

5.7%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

1535 West

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1950

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

RM1

APN/PARCEL ID

02-3234-018-0620

ASK ABOUT THIS PROPERTY

Calum WeaverCBREMore Info

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Calum WeaverCBREMore Info

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