Berkshire Hathaway HomeServices EWM Realty
Listed by Berkshire Hathaway HomeServices EWM Realty, BHHS EWM Realty Miami Beach
$3,200,000
1329 Pennsylvania Ave
Details
APN 02-42-03-009-0700
Property Type Multifamily
Sub Type Apartment Building, Apartment/Condo
Square Footage 5,760
Units 8
Cap Rate 6.00%
Occupancy 100%
Pro-Forma Cap Rate 6.00%
Class A
Year Built 1936
Buildings 1
Stories 2
Lot Size (SqFt) 7,500
Zoning 3900
Investment Type Value Add
Multifamily | 6.00% CAP | 8 Units
Marketing description
1329 Pennsylvania Avenue (aka Shermon Court) is a 1936 Art Deco building masterfully designed by Henry Hohauser, one of South Beach's signature architects in the Deco era. This is a well-maintained 8-unit apartment building, each with spacious 1-bed/1-bath layouts. The building also has common laundry facilities as well as 5 off street parking spaces. All units are occupied by excellent long-term tenants on month-to-month leases at $1,700 ?— well below market. With renovations, rents can be repositioned to $2,300 - $2,500, offering strong upside potential. The property has passed its 40-year recertification and boasts a rich Miami Beach history, blending architectural character with modern stability. A rare investment opportunity with secure cash flow and significant value-add potential.
Listing Contacts
Berkshire Hathaway HomeServices EWM Realty
Listed by Berkshire Hathaway HomeServices EWM Realty, BHHS EWM Realty Miami Beach
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