Lincoln Sub Multifamily For Sale
1553 Jefferson Ave, Miami Beach, FL 33139

$1,000,000
Sold
Mila Bogatov
Mila Bogatov
Luxury Real Estate Broker

Details


  • MLS Number:A10893764
  • Virtual Tour: YES
  • List Price: $1,299,000
  • Sold Price: $1,000,000
  • Living Area: 1998 Ft² / 186 M²
  • Price Per Foot/Meter: $501 / $5,387
  • Taxes:$21,386
  • Listing Date:July 16, 2020
  • Sold Date: January 14, 2021
  • Days On Market:181

Description


1553 Jefferson presents a unique opportunity for the builder or investor. The 7500 SF site contains a Fourplex and a Detached Single Family Home steps from Lincoln Road. Potential upside includes; Significant Vacant Land; Zoning allows a buildout of 9375 SF. Although the 3,300 SF Fourplex is designated historic, the House at rear is undesignated and can be demo'd or added to for a total additional 6,200 SF of new construction. Unit Mix; All Fourplex units are ~800 SF. Two have been converted into 2BR units significantly increasing rents & desirability. 2BR rental units are increasingly difficult to find in this area and command a premium price. under Market Rents; Rents are currently 25% below market. All MTM. See attached OM for various development scenarios & pro formas.

Location


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Mila Bogatov
Mila Bogatov
Luxury Real Estate Broker