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600 79th St
6 Unit Block of Flats £1,018,290 (£169,715/Unit) 5% Net Initial Yield Miami Beach, FL 33141
Investment Highlights
- Four Blocks from the Ocean
- Diamond in the Rough
- Natural Light
Executive Summary
"Amazing Investment Opportunity in Prime North Beach Location!"
Welcome to your chance to own a slice of Miami Beach real estate gold! Nestled in the vibrant heart of North Beach, only 4 blocks from the ocean, this 6-unit multi-family garden-style 3853 SQFT building awaits its next savvy owner.
This property presents an incredible canvas for those with vision and a knack for turning diamonds in the rough into gems. This building is in need of a little TLC, but with the right touch and some strategic renovations, this could easily become a stunning, income-generating haven in one of Miami Beach's most sought-after neighborhoods. There are Three Studios and Three 1 Bed/1Bath. Four of the units are currently rented at below market rents.
UNIT BREAKDOWN:
Unit 1: 1 Bedroom 1 Bath - Rented $1500
Unit 2: Studio - Vacant
Unit 3: Studio - Rented - $1100
Unit 4: Studio - Vacant
Unit 5: 1 Bedroom 1 Bath - Rented $1200
Unit 6: 1 Bedroom 1 Bath - Rented $1100
In summary, this property offers the perfect blend of location, potential, and opportunity. Whether you're an experienced investor looking to add to your portfolio or a newcomer eager to break into the lucrative world of real estate, this is an opportunity you won't want to miss. Seize the moment, unleash your creativity, and watch as this diamond in the rough transforms into a shining gem of Miami Beach living. (Cap rate is based on proforma)
Welcome to your chance to own a slice of Miami Beach real estate gold! Nestled in the vibrant heart of North Beach, only 4 blocks from the ocean, this 6-unit multi-family garden-style 3853 SQFT building awaits its next savvy owner.
This property presents an incredible canvas for those with vision and a knack for turning diamonds in the rough into gems. This building is in need of a little TLC, but with the right touch and some strategic renovations, this could easily become a stunning, income-generating haven in one of Miami Beach's most sought-after neighborhoods. There are Three Studios and Three 1 Bed/1Bath. Four of the units are currently rented at below market rents.
UNIT BREAKDOWN:
Unit 1: 1 Bedroom 1 Bath - Rented $1500
Unit 2: Studio - Vacant
Unit 3: Studio - Rented - $1100
Unit 4: Studio - Vacant
Unit 5: 1 Bedroom 1 Bath - Rented $1200
Unit 6: 1 Bedroom 1 Bath - Rented $1100
In summary, this property offers the perfect blend of location, potential, and opportunity. Whether you're an experienced investor looking to add to your portfolio or a newcomer eager to break into the lucrative world of real estate, this is an opportunity you won't want to miss. Seize the moment, unleash your creativity, and watch as this diamond in the rough transforms into a shining gem of Miami Beach living. (Cap rate is based on proforma)
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£97,286
|
£25.25
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£5,005
|
£1.30
|
| Effective Gross Income |
£92,281
|
£23.95
|
| Taxes |
£20,723
|
£5.38
|
| Operating Expenses |
£20,671
|
£5.36
|
| Total Expenses |
£41,394
|
£10.74
|
| Net Operating Income |
£50,886
|
£13.21
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £97,286 |
| Annual Per SF | £25.25 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £5,005 |
| Annual Per SF | £1.30 |
| Effective Gross Income | |
|---|---|
| Annual | £92,281 |
| Annual Per SF | £23.95 |
| Taxes | |
|---|---|
| Annual | £20,723 |
| Annual Per SF | £5.38 |
| Operating Expenses | |
|---|---|
| Annual | £20,671 |
| Annual Per SF | £5.36 |
| Total Expenses | |
|---|---|
| Annual | £41,394 |
| Annual Per SF | £10.74 |
| Net Operating Income | |
|---|---|
| Annual | £50,886 |
| Annual Per SF | £13.21 |
Property Facts
| Price | £1,018,290 | Apartment Style | Low Rise |
| Price Per Unit | £169,715 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Net Initial Yield | 5% | Building Size | 3,853 SF |
| No. Units | 6 | Average Occupancy | 50% |
| Property Type | Residential | Number of Floors | 1 |
| Property Subtype | Apartment | Year Built | 1950 |
| Price | £1,018,290 |
| Price Per Unit | £169,715 |
| Sale Type | Investment |
| Net Initial Yield | 5% |
| No. Units | 6 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 3,853 SF |
| Average Occupancy | 50% |
| Number of Floors | 1 |
| Year Built | 1950 |
Unit Amenities
- Air Conditioning
- Porch
Site Amenities
- 24 Hour Access
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 3 | £1,410 | 600 - 650 |
| Studios | 3 | £1,253 | 400 - 425 |
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Bike Score ®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 02-3202-007-2310 | Total Assessment | £679,689 |
| Land Assessment | £0 | Annual Taxes | £20,723 (£5.38/sf) |
| Improvements Assessment | £0 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
02-3202-007-2310
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£679,689
Annual Taxes
£20,723 (£5.38/sf)
Tax Year
2024
zoning
| Zoning Code | 3900 MULTI-FAMILY - 38-62 (0803 MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS) |
| 3900 MULTI-FAMILY - 38-62 (0803 MULTIFAMILY 2-9 UNITS : MULTIFAMILY 3 OR MORE UNITS) |
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600 79th St
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