Flamingo-Lummus

Miami Beach, FL 33139

$2,775,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost...1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has plans that are at the final stages of approval with the City of Miami Beach to commence a full renovation of the existing 8 units to a 10-unit property. The asset features walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has 8 units and has plans to renovate to 10 units. The 10 units will total 2 1/1 and 8 2/2. The cost to renovate the property is forecasted to be $750k or $75k/unit. Upon completion, rents are slated to be $2,750 for 1/1 and $3,650 for 2/2 which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.
  1. Listed by Neal Victor • CBRE, Inc.

Property Details for Flamingo-Lummus

Area
32
Auction
No
Num Stories
2

Location

Listing Courtesy of CBRE, Inc.
Add your commute
LISTING UPDATED: 04/10/2024 01:44 PM

Property Details for Flamingo-Lummus

StatusActive
MLS #A11537022
Days on Market69
Taxes$43,229 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeCommercial/Industrial / Income/Multi Family
Year Built1950
Lot Size0.17 AC / 7,500 SF
CountyMiami-Dade County

Location

Listing Courtesy of CBRE, Inc.
Add your commute

Building Information for Flamingo-Lummus

Stories-Residences-Year Built1950Building Size-Lot Size0.17 AC / 7,500 SF

Payment Calculator

$18,747 per month

30 year fixed, 7.25% Interest

Principal and Interest

$15,144

Property Taxes

$3,602

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for Flamingo-Lummus

Location Information
Location Information
  • Parcel Number Free Text: 02-32-34-018-0620
  • Parcel Number MLX: 0620
  • MLS Area: 32
  • Municipal Code: 2
  • Township Range: 32
  • Section: 34
  • Subdivision Number: 18
  • Unit Count: 2
  • Zoning Information: 3900
General Information
General Information
  • Prop Type-Type of Building: Apartments
  • Building Sq Ft: 7,392
Additional Property Information
Additional Property Information
  • Guest Accommodations: No
  • Num Units: 8
Financial Information
Financial Information
  • Assumable: No
  • Flood Zone: AE

Property History for Flamingo-Lummus

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for Flamingo-Lummus

Taxable ValueLand$1,875,000Additions$412,642Total$2,287,642
Tax Record2023$38,549 ($3,212 / month)
Home Facts
Total Finished SqFt7,392 SqFtAbove Grade Finished SqFt7,392 SqFtStories2Lot Size7,500 SqFtStyleMulti-Family Dwelling (2-4)Year Built1950Zoning3900:MULTI-FACountyMIAMI-DADEAPN02-3234-018-0620

Schools near Flamingo-Lummus

This home is within Miami-Dade.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - PK to 8
Public - 6 to 8
Public - 9 to 12
Rating
School
Distance
Fienberg/Fisher K-8 Center
PublicPK to 8

Nautilus Middle School
Public6 to 8

Robert Morgan Voc-Tech Institute
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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Flamingo-Lummus is a multi-family home for sale in Miami Beach, FL 33139. This property was listed for sale on February 21, 2024 by CBRE, Inc., it's currently listed at $2,775,000. It has been on the market for a total of 69 days and was last sold on February 10, 2020. This listing's school district is Miami-Dade. Nearby schools include Air Base K-8 Center for International Education, Fienberg/Fisher K-8 Center and Nautilus Middle School. Flamingo-Lummus is a 0-bed, 0-bath, multi-family home built in 1950.

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Listing Courtesy of CBRE, Inc.

Based on information from one of the following Multiple Listing Services: Beaches Multiple Listing Service, Inc., Martin County REALTORS® of the Treasure Coast, Inc., Miami Association of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Beaches Multiple Listing Service, Inc., Martin County REALTORS® of the Treasure Coast, Inc., Miami Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.