The Edroy Apartments

05-18-2022
05-18-2022

1200 Pennsylvania Ave, Miami Beach, FL 33139

Property Description

Corte Real Estate Group is pleased to present for sale The Edroy Apartments, a 13-unit multi-family building located in South Beach, Miami Beach, Florida.
The property is located at 1200 Pennsylvania Avenue, just minutes away from Lincoln Road Mall, the newly renovated Miami Beach Convention Center and resides in the heart of South Beach, Florida's premier Art Deco District that attracts visitors from all over the world.
The Edroy Apartments consists of 8,052 rentable square feet built on a 7,000 square foot lot.
The property was constructed in 1938 and contains a total of 13 units, consisting of two 2 bedroom/2- bathroom units; three 2 bedroom/1-bathroom units; five 1 bedroom/1
bathroom units; and three large studio units.
The property is priced at $4,500,000, which breaks down to $346,154 per unit and $558 a square foot.
The building has been recently recertified and all units updated with brand new bathrooms and kitchens. The exterior features new impact windows, new awnings, plaster & paint, new gates.
Miami Beach has become a desirable location for investors due to the strong rental market and sustainable rent prices compared to other areas in Miami.
The historically high occupancy and location of the property sets it in one of Miami's most advantageous locations, with the potential for further growth and development.
Quintessential Art Deco multi-family building in the heart of South Beach. The Edroy Apartments is a boutique building designed by famed architect Ralph Murray Dixon & was formerly featured on the Art Deco tour.
This is an opportunity for any investor who seeks a stabilized, well-located property with upside in rental income.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 4,500,000
No. of Units
13
Cap Rate
5.33%
Year Built
1938
Building Size
8,052 Sq ft
Lot Size
7000 sq ft
No. of Stories
2
Opportunity Zone
No
Price per unit
$ 346,154
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25.783008, -80.13439

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