• Rent Upside: Surrounding comparable multifamily properties are rented for upwards of $1,700 for a one bedroom unit. In place rents at The Whittier are $1,413 per unit. There is approximately $35,000 of rent upside at the property
• Operational Upside: The property is owned by an investor out of the country and managed with a third party company. A new owner has the ability to improve the operational performance at the property with more “hands on” management
• Exceptional location within walking distance to Mt. Sinai Hospital, North Beach Elementary School, Nautilus Middle School, Talmudic University, St. Patrick Catholic Church, Beth Israel Congregation and Temple Beth Sholom.
• The property is only one of the five waterfront multifamily properties in the mid beach area of Miami Beach, a submarket primarily with high-end single family homes and just over 700 apartment units in total.
• The Whittier has been extremely well upkept and features finishes such as stainless steel appliances, new tile and wood flooring on select units, central a/c and marble bathrooms among others.
• The property includes primarily large 17 one-bedroom units and one penthouse level two-bedroom unit.
• The community features amenities such as off-site parking with 7 spaces, a dock with a boat lift and laundry facilities that significantly contribute to the monthly cash inflow. There are also six ground floor 1BR units that feature a patio.
• The units average 751 square feet and are currently 100% occupied. Of the 19 current tenants, 14 have been renewed their lease at least once which translates into an impressive 74% retention rate for a property within Miami Beach.
