2013 Annual Sales Report – MultiFamily in North BeachFebruary 11, 2014
Last year in this northern neighborhood of Miami Beach, halfway between the Fontainebleau Miami Beach and Bal Harbour, some savvy investors picked up 49 multi-family properties for a total of 618 units with over 441,000 sqft in North Beach. Selling at half the price of it’s more well known South Beach neighborhood, sale prices in North Beach averaged $154.53 per sqft or $113,902 per unit. Besides just stretching the value of the dollar, North Beach properties are a decade younger, and the average unit size is 21% larger than those in South Beach. Check out the link below for a list of what sold in 2013.
Our favorite sale last year was 2005-2023 Calais. When the owner contracted Urban Resource to manage this property, the annual rent was $107,000 with expenses just over $48,000. Prior to selling the property, Urban Resource not only increased rents to over $133,000, but also brought expenses down to $25,000 annually. 2005-2023 Calais sold at a 7% CAP. More importantly, the property featured over 21,000 sqft of land with 143 feet of waterfront, making it a prime site for future development. Something that seems to be in high demand these days.
2005-2023 Calais – 10 units waterfront sold April 2013 for $1,320,000
So what is selling in 2014? Already, nine properties in North Beach have sold in the first six weeks of the year for a total of 62 units. In addition, one of the last vacant waterfront lots measuring 1.06 Acres sold for $11,250,000 or at just over $243 per sqft of waterfront land.
Opportunities for solid investments exist here in North Beach, and Urban Resource is ready to give you a tour. Don’t miss the boat and give us a call.