1550 Meridian Avenue
Miami Beach, FL 33139
Number of Units:
Type: Multi-Unit Residential
1550 Meridian Avenue is an eight-unit multifamily asset in the heart of South Beach's most desirable district. All the units are generously scaled with private bedrooms (no Studio apartments) and remain fully occupied. Its proximity to Lincoln Road Mall, Flamingo Park, the Beach, New Convention Center, and the Entertainment District make it an attractive place to live for business owners and young professionals. Units feature wood floors, newer kitchens and baths, and many original features retained. Current zoning of the site is RM-1 allowing an FAR of 1.25. The 7,500-square foot site thus translates into a total buildable area of 9,375 square feet allowing an additional 4,144 square feet at the rear of the site. Please see Offering Memorandum for approved expansion plans.
MLS Area: 32
Subdivision/Complex Name: Flamingo Park
Directions: Current rents are approximately 20% below market. With an average per square foot cost of $3.35 for all of South Beach for 2016 (Miami-Dade Housing Report) the current Cap Rate (see page 11) could be substantially increased.
Heat/Cool: Central Heat
Cooling: Ceiling Fans, Central Cooling, Paddle Fans, Zoned Cooling
Floors: Wood Floors
Construction: CBS Construction, Stucco Exterior Construction
Roof: Barrel Roof
Sewer: Municipal Sewer
Cable TV: yes
Parking Spaces: 8
Sprinklers: Auto Sprinkler, City Sprinkler System
Has a Pool: yes
Pool Description: Below Ground Pool, Equipment Stays, Heated
Lot Size: Less Than 1/4 Acre Lot
Lot Size in Acres: 0
Lot Size in Sq. Ft.: 0
Lot Dimensions: 7500
Has Waterfront: No
Municipal Code: 2
Property Type: RI
Property SubType: Residential Income
Property SubType 2: Fourplex
Year Built: 1937
Is an REO: No
Is Short Sale: No
Tax Year: 2016
Tax Amount: 19, 678
$ per month
Year Fixed. % Interest Rate.
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Based on a fully amortized fixed rate loan. Ask your agent for the tax rates in your area. Insurance estimate is based on an average cost, your final premium cost will be determined by the type of coverage you select. This program only provides an estimate.
Listing Courtesy of The Keyes Company
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Miami data last updated at January 16, 2018 6:02 PM ET