848 Jefferson Ave
Miami Beach, FL 33139
MLS# A12112001
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Property Details
Bedrooms
Bathrooms
Square Feet
7,660
Year Built
1939
Property Type
Income/MultiFamily
Status
Active
Description
Excellent opportunity to acquire a 14-unit multifamily investment property in the heart of South Beach, Miami Beach. The property consists of 12 studio apartments and 2 one-bedroom units, generating an actual annual Net Operating Income (NOI) of $98,200, with Potential Gross Income (PGI) of $163,000. The property offers compelling value-add potential through interior renovations and unit reconfigurations. Notably, 10 of the 12 studios feature spacious "junior one-bedroom" layouts, presenting an opportunity to potentially convert these units into true one-bedroom apartments, subject to applicable building requirements and approvals. Combined with strategic interior improvements, these enhancements offer an opportunity to increase rental revenue, strengthen operating performance, and enhance long-term asset value. Ideally located in a highly walkable South Beach neighborhood, residents enjoy convenient access to grocery stores, dining, public transportation, local employment centers, and Flamingo Park, with the world-famous beaches of Miami Beach just a short distance away. This property presents an attractive opportunity for investors seeking an established income-producing multifamily asset with additional upside potential in one of South Florida's most desirable coastal rental markets.
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