Log In/Sign Up
Your email has been sent.
Malibu House 235 77th St 8 Unit Apartment Building $2,492,100 CAD ($311,513 CAD/Unit) Miami Beach, FL 33141
INVESTMENT HIGHLIGHTS
- Value-add multifamily opportunity one block away from the beach
- 30% rental upside from current rents
- Located within the short-term rental permitted zoning of Miami Beach
- 8 units with the option to convert into 12
- New roof installed in 2019
- Prestigious Miami Beach location just off of Collins Avenue and Ocean Terrace Beach
EXECUTIVE SUMMARY
Colliers, as exclusive listing broker, is pleased to present the opportunity to acquire the Malibu House apartments, a true value-add repositioning property located at 235 77th Street in North Beach just one block away from the Ocean Terrace Beach. The property sits directly on 77th Street and is located between Harding Avenue and Collins Avenue. The existing unit mix features four (4) studios and four (4) 1 bedroom / 2 bathroom units in a 2-story building with 3,520 square feet. Malibu House is centrally situated in North Beach just one block away from Ocean Terrace Beach with close proximity to many of the area’s parks, beaches, restaurants, shops and resorts.
Malibu House is an ideal investment for investors to capitalize on a true value-add deal in a strong, high barrier to entry market with significant upside potential through a couple of different investment strategies. Current ownership has in-place plans to reposition the four (4) 1-bedroom / 2-bathroom units into an additional four (4) units with 1 bathroom. Repositioning the building into 12 units at market rents will significantly increase the income on the property, therefore increasing value for the investor. The second value-add strategy is to reposition the building into short-term rental operations. Malibu House is a contributing property in the North Shore Historic District and located within the Limited Short-Term Permitted Zone of North Beach: Sec. 1420-1111 (d), therefore allowing the short-term rental use.
Malibu House is an ideal investment for investors to capitalize on a true value-add deal in a strong, high barrier to entry market with significant upside potential through a couple of different investment strategies. Current ownership has in-place plans to reposition the four (4) 1-bedroom / 2-bathroom units into an additional four (4) units with 1 bathroom. Repositioning the building into 12 units at market rents will significantly increase the income on the property, therefore increasing value for the investor. The second value-add strategy is to reposition the building into short-term rental operations. Malibu House is a contributing property in the North Shore Historic District and located within the Limited Short-Term Permitted Zone of North Beach: Sec. 1420-1111 (d), therefore allowing the short-term rental use.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $2,492,100 CAD | Building Class | C |
| Price Per Unit | $311,513 CAD | Lot Size | 0.06 AC |
| Sale Type | Investment | Building Size | 3,520 SF |
| No. Units | 8 | Average Occupancy | 88% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1939 |
| Apartment Style | Low-Rise | Parking Ratio | 0.42/1,000 SF |
| Zoning | RM-1, Miami Beach - Residential Multi-Family | ||
| Price | $2,492,100 CAD |
| Price Per Unit | $311,513 CAD |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 3,520 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1939 |
| Parking Ratio | 0.42/1,000 SF |
| Zoning | RM-1, Miami Beach - Residential Multi-Family |
AMENITIES
UNIT AMENITIES
- Air Conditioning
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | 280 |
| 1+2 | 4 | - | 600 |
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 02-3202-007-0150 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,791,135 CAD |
PROPERTY TAXES
Parcel Number
02-3202-007-0150
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,791,135 CAD
1 of 11
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Malibu House | 235 77th St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.