The White House Apartments | 1600 Pennsylvania Ave
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The White House Apartments 1600 Pennsylvania Ave
19 Unit Apartment Building $6,000,000 ($315,789/Unit) 6% Cap Rate Miami Beach, FL 33139
INVESTMENT HIGHLIGHTS
- A few steps from Lincoln Road
- Upside in Raising Rents to Market Level
- The Property is currently fully rented, 100% occupancy rate
- 5 Parking Spaces
- 40-year recertification passed and was approved on October 2023
- World Class Location in the Heart of South Beach
EXECUTIVE SUMMARY
The White House Apartments at Lincoln Road, a 19-unit multifamily building property in the heart of South Beach.
The property is located adjacent to the famous Lincoln Road, a highly desirable location for renters on South
Beach. Furthermore, the property is within walking distance to all of South Beach's attractions including Ocean
Drive, Collins, Washington Avenue and Flamingo Park. The building has a total of 19 units, of which 18 units are
large studios of an average size of 438 square feet, and one unit is a two-bedroom, two-bathroom apartment of
866 square feet. The 19 units are in line with South Beach's typical standards, which historically have been
running close to 100% occupancy rates. In-place effective rents at the property average $4.25 per square foot.
The property is located adjacent to the famous Lincoln Road, a highly desirable location for renters on South
Beach. Furthermore, the property is within walking distance to all of South Beach's attractions including Ocean
Drive, Collins, Washington Avenue and Flamingo Park. The building has a total of 19 units, of which 18 units are
large studios of an average size of 438 square feet, and one unit is a two-bedroom, two-bathroom apartment of
866 square feet. The 19 units are in line with South Beach's typical standards, which historically have been
running close to 100% occupancy rates. In-place effective rents at the property average $4.25 per square foot.
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $6,000,000 | Building Class | C |
| Price Per Unit | $315,789 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 8,780 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1953/2023 |
| Property Subtype | Apartment | Parking Ratio | 0.57/1,000 SF |
| Apartment Style | Low Rise |
| Price | $6,000,000 |
| Price Per Unit | $315,789 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,780 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1953/2023 |
| Parking Ratio | 0.57/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Tile Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Patio
SITE AMENITIES
- Security System
- Furnished Units Available
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 18 | $1,862 | 438 |
| 2+2 | 1 | $1,862 | 866 |
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Walk Score®
Walker's Paradise (97)
Bike Score®
Very Bikeable (82)
ZONING
| Zoning Code | RM-1 (The RM-1 residential multifamily, low density district is designed for low intensity, low rise, single-family and multiple-family residences.) |
| RM-1 (The RM-1 residential multifamily, low density district is designed for low intensity, low rise, single-family and multiple-family residences.) |
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The White House Apartments | 1600 Pennsylvania Ave
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