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$4,500,000
Est. payment /mo
6,802 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,802 sqft
Price per Sqft $661
MLS Listing ID A12037030
HOA Y/N No
Year Built 1938
Lot Size 0.321 Acres
Property Sub-Type Multi Family
Property Description
733 Michigan is an exceptionally rare, fully gut-renovated multifamily asset situated on an oversized double lot in the heart of South Beach. Simply put, the Property represents a one-of-a-kind South Beach asset and one of the most comprehensively upgraded Art Deco multifamily offerings currently available in this highly sought-after market.
The site's expansive footprint stands in sharp contrast to the densely built, smaller-parcel properties that define the surrounding area, offering a scale and openness rarely encountered in this submarket. In addition, a sister property located at 1535 West Avenue—comprised of 8 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 $860,000 to transform the Property into a best-in-class rental asset, featuring high-end, condo-quality finishes throughout. 733 Michigan consists of eight (8) 2-bedroom / 1-bathroom units averaging $2,925 in current rents and two (2) 3-bedroom / 2-bathroom units averaging $4,350, most secured under 12-month leases. All units are fully furnished. Given the level of renovation and unit finishes, the asset is well-positioned for a potential future condominium conversion, offering an additional monetization pathway atop strong in-place cash flow.
The site's expansive footprint stands in sharp contrast to the densely built, smaller-parcel properties that define the surrounding area, offering a scale and openness rarely encountered in this submarket. In addition, a sister property located at 1535 West Avenue—comprised of 8 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 $860,000 to transform the Property into a best-in-class rental asset, featuring high-end, condo-quality finishes throughout. 733 Michigan consists of eight (8) 2-bedroom / 1-bathroom units averaging $2,925 in current rents and two (2) 3-bedroom / 2-bathroom units averaging $4,350, most secured under 12-month leases. All units are fully furnished. Given the level of renovation and unit finishes, the asset is well-positioned for a potential future condominium conversion, offering an additional monetization pathway atop strong in-place cash flow.
Location
State FL
County Miami-dade
Area 42
Exterior
Total Parking Spaces 8
Private Pool Yes
Building
Story 1
Level or Stories One
Others
Tax ID 02-42-03-009-6540
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://www.propertypanorama.com/instaview/mia/A12037030
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Listed by CBRE, Inc.
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