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.
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
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 | email@example.com
1193 71st Street | Miami Beach, FL 33141