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Malibu House 235 77th St 8 Unit Apartment Building £1,346,454 (£168,307/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.
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PROPERTY FACTS
| Price | £1,346,454 | Costar Property Class | C |
| Price Per Unit | £168,307 | Total Plot Size | 0.06 ac |
| Sale Type | Investment | Property Size | 3,520 sq ft |
| No. Units | 8 | Average Occupancy | 88% |
| Property Type | Build-to-Rent | No. Floors | 2 |
| Property Subtype | Apartment | Year Built | 1939 |
| Apartment Style | Low-Rise | Parking Allocation | 0.42/1,000 sq ft |
| Use Class | RM-1, Miami Beach - Residential Multi-Family | ||
| Price | £1,346,454 |
| Price Per Unit | £168,307 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Costar Property Class | C |
| Total Plot Size | 0.06 ac |
| Property Size | 3,520 sq ft |
| Average Occupancy | 88% |
| No. Floors | 2 |
| Year Built | 1939 |
| Parking Allocation | 0.42/1,000 sq ft |
| Use Class | RM-1, Miami Beach - Residential Multi-Family |
AMENITIES
UNIT AMENITIES
- Air Conditioning
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| Studios | 4 | - | 280 |
| 1+2 | 4 | - | 600 |
Walk Score®
Easily Walkable (86)
Bike Score®
Good for cycling (76)
PROPERTY TAXES
| Parcel Number | 02-3202-007-0150 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £952,367 |
PROPERTY TAXES
Parcel Number
02-3202-007-0150
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£952,367
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Malibu House | 235 77th St
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