miami beach art deco six unit apartment building...miami beach art deco six unit apartment building...
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Miami Beach Art Deco Six Unit Apartment Building 841 West 40 Street Miami Beach Price: $1,750,000
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The Florida Commercial Team is pleased to present this Unique Art Deco Miami Beach Six Unit apartment building in Mid-Beach, only one short block off the main commercial district of 41 Street. Constructed with steel frame and cement brick, the Property has been very well maintained with its 40 Year Recertification in place. Roof approximately 12 years old. All units are on circuit breakers. All units have on demand water heaters. Gas stoves in all units.
The two-story townhouse unit is dramatic, with its two story high ceiling, curved Art Deco designed living/dining room. This apartment has 2 bdrms and three baths as well as large closets, and a rooftop patio. All the units have oak hardwood floors. There is a laundry room onsite with commercial washer/dryer. This remarkable property offers significant upside potential, below market rents and long term appreciation. Please Do Not Disturb Tenants. By appointment only.
Property Specifications
Unit Mix: (1) 2,000 SF – 2 bdrm 3 bath 2 story apt (4) One bdrm 1 bath, (1) Large two bdrm 1 ½ bath Adjusted Square feet: 6,906 SF Lot Size: 5,749 Year Built: 1947 Unit # Rent roll Unit #1 – 1 bdrm 1 bath $ 1,000 Unit #2 –1 bdrm 1 bath $ 1,000 Unit #3 –2 bdrm 1 ½ bath $ 1,400 Unit #4—1 bdrm 1 bath $ 1,000 Unit #5 – 1 bdrm 1 bath $1,000 (vacant) Unit #6 – 2 bdrm 3 bath $2,500 (vacant) Total: $94,800 * Expenses Real Estate Taxes (2019) $ 20,000 Insurance (liability only) $ 1,000 Electric $ 1,000 Water/Sewer/Trash $ 8,400 Laundry (rented equip) $ 1,000 Termite contract $ 1,000 Lawn $ 1,920 Licenses (3) $ 242 Total Expenses $ 34,562
Net Operating Income: $60,238 *includes vacant units
The information contained herein is believed to be accurate, having been obtained from owner, but is not warranted or guaranteed. BROKER shall not be responsible for errors, omissions, and misstatements. Price, term changes, prior sale or withdrawal from market may occur without notice.
Interior photos
Property Area Highlights- The 41 street corridor is the main retail commercial shopping district in the area and is one of two main access routes from Miami to Miami Beach, also providing the most direct access going West to Miami International Airport.
Employment- – Mid Beach employment is focused on both the tourist beach industry with focus on public and private religious schools and residential communities in the area. Median Household Income $50,193.
Mass Transit – The Property is 50 feet off the main bus transit route running East to West and intersects with Indian Creek Drive, Collins Avenue and A1A.
The Beach- The Beach is ¾ of a mile from the Property and takes residents to the Public Beach only a few hundred feet from 41 Street.
Historic Designation- Miami Beach properties have been designated historic. Interior upgrades and improvements are permitted.
Paul Silverstein, P.A. Sr. Director, Commercial Division President. Florida Commercial Team 305-794-9773 [email protected] FLORIDACOMMERCIALTEAM.COM
Issabella Silverstein Director, Commercial Division VP, Florida Commercial Team 305-775-9773 [email protected] FLORIDACOMMERCIALTEAM.COM