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412416424 Ocean Dr - $8,000,000

This property is suited as a multi-generational purchase for the long term investor. Such an investor will reap enormous rewards by acquiring this prime three parcel Ocean Drive property on world famous South Beach. Recent sales on vacant land on Ocean Drive are over $1,000 per square foot. The property consists of a renovated 23 unit apartment building & two adjacent parcels of land which are currently used as a parking lot. The total lot size 17,250 square feet. Of the total, 11,500 square feet is vacant land. this will permit significant development without the historical constraints on redevelopment of existing Ocean Drive buildings. There is a lease with the current tenants, paying a normal rent, that expires in 26 years.

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* All information furnished regarding property for sale, rental, financing or estimated mortgage rates is from sources deemed reliable but no warranty or representation is made as to the accuracy thereof. For further financing information, please contact a Brown Harris Stevens agent.

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Listing courtesy of RE/MAX Advance Realty

Miami Beach, Florida Commercial
$8,000,000

Last updated: 2/22/2018
ID: 275626282
MLS ID: A10371911
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Residence Information

Type: Commercial
Air conditioning: Central Air

Building Information

Built: 1947
Lot Size: 5,750 sf