531 16th ST, Miami Beach, Fl 33139

  • MLS# A11420681
  • Asking Price $2,400,000
  • Units: Land Lease with 14-Unit Multifamily Building
  • Year Built: 1947
  • SQFT 10,820 SF
  • Occupancy: 100%
  • Cap Rate: 7.78%

Unique opportunity to acquire this Land Lease with excellent income-producing 14-unit multifamily building in the heart of South Beach.  Building offers a healthy unit mix, fully rented, low expenses, quality long-term tenants.  Located in the heart of South Beach and the historic Art Deco District, ideally situated just steps away from the world famous Lincoln Road and its promenade of 200+ retail shops, restaurant and cafes.  Favorable land lease structure expiring in 23 years, building is performing at a good cap rate in a strong rental market with upside on rents.  Building is well-kept and well-managed.  Financials available upon request.