660 85th St, Miami Beach, FL 33141
sale
$3,700,000
|
Other
Courtesy Of Beachfront Realty, Inc
660 85th Street presents a rare opportunity to acquire a 12-unit boutique multifamily asset in the highly desirable Biscayne Point / North Beach submarket of Miami Beach. This four-story Art Deco-style building offers covered gated parking, elevator service, central AC, and private balconies premium amenities rarely found in comparable North Beach boutique assets. Currently 83% occupied, the property includes two vacant units that provide immediate lease-up upside at market rents. Existing in-place rents remain approximately 30 40% below market, allowing a new owner to drive strong organic NOI growth through natural lease rollover without major capital improvements. Current gross income is approximately $242,700 annually, with stabilized upside projected near $288,300 and estimated NOI around $167,174. Located just blocks from the Atlantic Ocean, North Beach Oceanside Park, Ocean Terrace redevelopment, Bal Harbour Shops, and major retail amenities, the asset benefits from one of Miami Beach s most supply-constrained rental micro-markets. Also available as part of a multi-property acquisition with 709 83rd Street, this offering provides added scale and portfolio synergies for investors seeking expanded North Beach exposure. Seller financing available.
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Property Features
- Age: 31-40 Years Old
- Architecture Style: Other
- Legal Description: BISCAYNE BEACH SUB PB 44-67 LOT 15 BLK 8 LOT SIZE 6150 SQ FT OR 13802-2057 0688 1
- MLSID: A12001732
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