The Edroy Apartments | 1200 Pennsylvania Ave
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The Edroy Apartments 1200 Pennsylvania Ave
14 Unit Apartment Building $3,699,000 ($264,214/Unit) 5.88% Cap Rate Miami Beach, FL 33139
Investment Highlights
- Potential for easy reconfiguration to accommodate up to 18 units
- The Property is currently fully rented, 100% occupancy rate
- World Class Location in the Heart of South Beach
- ***Ocean Drive Bonus Property***
- 40-year recertification passed and approved
- The Edroy Apartments is a boutique building designed by famed architect Ralph Murray Dixon & was formerly featured on the Art Deco tour
Executive Summary
Corte Real Estate Group is pleased to present for sale The Edroy Apartments, a 13-unit multi-family building located in South Beach, Miami Beach, Florida.
The property is located at 1200 Pennsylvania Avenue, just minutes away from Lincoln Road Mall, the newly renovated Miami Beach Convention Center and resides in the heart of South Beach, Florida's premier Art Deco District that attracts visitors from all over the world.
The Edroy Apartments consists of 8,052 rentable square feet built on a 7,000 square foot lot.
The property was constructed in 1938 and contains a total of 13 units, consisting of two 2 bedroom/2- bathroom units; three 2
bedroom/1-bathroom units; five 1 bedroom/1-bathroom units; and three large studio units.
The building has been recently recertified and all units updated with brand new bathrooms and kitchens. The exterior features new impact windows, new awnings, plaster & paint, new gates.
Miami Beach has become a desirable location for investors due to the strong rental market and sustainable rent prices compared to other areas in Miami.
The historically high occupancy and location of the property sets it in one of Miami's most advantageous locations, with the potential for further growth and development.
Quintessential Art Deco multi-family building in the heart of South Beach. The Edroy Apartments is a boutique building designed by famed architect Ralph Murray Dixon & was formerly featured on the Art Deco tour.
This is an opportunity for any investor who seeks a stabilized, well-located property with upside in rental income.
***Exclusive Package Deal***
In addition to this exceptional multifamily property, the seller is offering an optional package deal that includes a stunning 2-bedroom, 2-bathroom apartment located on iconic Ocean Drive. This beautifully designed two-story residence can be acquired for an additional $415,000.
Key Features:
- Prime Ocean Drive location
- 2 bedrooms, 2 bathrooms
- Two-story residence
- Potential for rental income or personal use
The property is located at 1200 Pennsylvania Avenue, just minutes away from Lincoln Road Mall, the newly renovated Miami Beach Convention Center and resides in the heart of South Beach, Florida's premier Art Deco District that attracts visitors from all over the world.
The Edroy Apartments consists of 8,052 rentable square feet built on a 7,000 square foot lot.
The property was constructed in 1938 and contains a total of 13 units, consisting of two 2 bedroom/2- bathroom units; three 2
bedroom/1-bathroom units; five 1 bedroom/1-bathroom units; and three large studio units.
The building has been recently recertified and all units updated with brand new bathrooms and kitchens. The exterior features new impact windows, new awnings, plaster & paint, new gates.
Miami Beach has become a desirable location for investors due to the strong rental market and sustainable rent prices compared to other areas in Miami.
The historically high occupancy and location of the property sets it in one of Miami's most advantageous locations, with the potential for further growth and development.
Quintessential Art Deco multi-family building in the heart of South Beach. The Edroy Apartments is a boutique building designed by famed architect Ralph Murray Dixon & was formerly featured on the Art Deco tour.
This is an opportunity for any investor who seeks a stabilized, well-located property with upside in rental income.
***Exclusive Package Deal***
In addition to this exceptional multifamily property, the seller is offering an optional package deal that includes a stunning 2-bedroom, 2-bathroom apartment located on iconic Ocean Drive. This beautifully designed two-story residence can be acquired for an additional $415,000.
Key Features:
- Prime Ocean Drive location
- 2 bedrooms, 2 bathrooms
- Two-story residence
- Potential for rental income or personal use
Property Facts
| Price | $3,699,000 | Building Class | C |
| Price Per Unit | $264,214 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 8,052 SF |
| Cap Rate | 5.88% | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1938 |
| Property Subtype | Apartment | Parking Ratio | 0.37/1,000 SF |
| Apartment Style | Low Rise |
| Price | $3,699,000 |
| Price Per Unit | $264,214 |
| Sale Type | Investment |
| Cap Rate | 5.88% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 8,052 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1938 |
| Parking Ratio | 0.37/1,000 SF |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | 503 |
| 1+1 | 5 | - | 667 |
| 2+1 | 3 | - | 630 |
| 2+2 | 2 | - | 742 |
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Walk Score ®
Walker's Paradise (96)
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 02-4203-009-0930 | Improvements Assessment | $931,000 |
| Land Assessment | $1,449,000 | Total Assessment | $2,380,000 |
PROPERTY TAXES
Parcel Number
02-4203-009-0930
Land Assessment
$1,449,000
Improvements Assessment
$931,000
Total Assessment
$2,380,000
zoning
| Zoning Code | RM-1 (A residential Building in the Heart of South Beach!) |
| RM-1 (A residential Building in the Heart of South Beach!) |
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The Edroy Apartments | 1200 Pennsylvania Ave
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