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Laura Veitia's Blog

By Laura Veitia | Agent in Miami Beach, FL

2013 Annual Sales Report – MultiFamily in North Beach

Last year in this northern neighborhood of Miami Beach, halfway between the Fontainebleau Miami Beach and  Bal Harbour, some savvy investors picked up 49 multi-family properties for a total of 618 units with over 441,000 sqft in  North Beach. Selling at half the price of it’s more well known South Beach neighborhood, sale prices in North Beach averaged $154.53 per sqft or $113,902 per unit. Besides just stretching the value of the dollar, North Beach properties are a decade younger, and the average unit size is  21% larger than those in South Beach. Check out the link below for a list of what sold in 2013.

Closed Sales 2013 North Beach

Our favorite sale last year was  2005-2023 Calais. When the owner contracted Urban Resource to manage  this property, the annual rent was $107,000 with expenses just over $48,000. Prior to selling the property, Urban Resource not only increased rents to over $133,000, but also brought expenses down to $25,000 annually. 2005-2023 Calais sold at a 7% CAP. More importantly, the property featured over 21,000 sqft of land with 143 feet of waterfront, making it a prime site for future development. Something that seems to be in high demand these days.

2005-2023 Calais – 10 units waterfront sold April 2013 for $1,320,000

2005 Calais 42005 Calais 52005 Calais Dr Miami Beach FL 331412005 Calais 32005 Calais 2

 

So what is selling in 2014? Already, nine properties in North Beach have sold in the first six weeks of the year for a total of 62 units. In addition, one of the last vacant waterfront lots measuring 1.06 Acres sold for $11,250,000 or at  just over $243 per sqft of waterfront land.

Opportunities for solid investments exist here in North Beach, and Urban Resource is ready to give you a tour. Don’t miss the boat and give us a call.

Laura Veitia | Urban Resource
305-403-8686 | realestate@urbanresource.com
1193 71st Street | Miami Beach, FL  33141

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