South Beach

South Beach, Florida #3
For Sale
Condo, 650 sq. ft.
1 Bedroom, Sleeps 4, 1 Bathroom
House Description

In 2006 we renovated this 8 unit apartment building located at 929 Michigan Avenue, Miami Beach, 33139. We updated everything from plumbing to electrical to central a/c units and washers and dryers, dishwashers, refrigerators, microwaves, bathrooms and all finishes in every apartment. Plus in preparation to sell the condos this summer we are re-doing bathrooms and floors and even updating appliances.

An advantage of a small Art Deco building is that maintenance costs are super low compared with a high rise.  And while we don’t have our own pool and tennis courts we do have the amazing tennis club facilities at Flamingo park 1.5 blocks away as well as the Flamingo Park pools — one for adult and one for kids, plenty of green areas/playgrounds for kids, with a new track and field running/football facility and baseball fields.

Our location cannot be beat.  We are on a quiet residential street with no loud partiers walking home from bars and we are 10 minutes walking to the beach and 15 minutes walking to Lincoln Rd — or a $5 Uber or taxi ride.  We are 2 blocks to Starbucks and Whole Foods and the new Publix supermarket is just 4 blocks away, and the existing Target and Best Buy.

We have eight 650 sq foot 1 bedroom apartments in the building — all corner units with 4 on the 1st floor and 4 on the 2nd.  There are 4 parkings spaces behind the building available to purchase.  The building is located in the coveted parking area Zone 2 and with an electric bill and a bank account you can obtain a parking permit from the City for about $68 per year which allows you to park not only in front of the building but up all the way to 16th right by Lincoln Rd — which is a huge bonus !!  You can also play golf 7 minutes away on the Miami Beach Golf course at a reduced rate.

All of the apartments have Bosch appliances, endless storage in the kitchen and living room area and an entire wall of closets in the bedrooms.  The 1st floor apartments have Limestone floors and the 2nd floor apartments have hardwood floor and high ceilings.  

All of the windows and glass doors in the buildings are hurricane glass — rated to up to 150 mile an hour winds.  This is also a great security feature.  The building also has a monitored fire alarm system — not the case in most small buildings on the beach.

The apartments can be purchased unfurnished or furnished with 2 designer furniture packages available. As well 4 parking permanent spots are available for purchase option.

Comparable units rent for $2000 per month with a purchase price of $350,000 this would give an investor a 7% ROI. The option to buy the whole building is also available for $2,800,000. The condo conversion was done in 2006 so each apartment has its own legal folio. Once the units are all sold the buyers will form a Condominium Board deciding if to hire a Property Management company or running the monthly operation through a designated Owner.

Area Description

House Features

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