Multi-Family Investment Properties in Miami Beach, Florida Vs. Miami, FloridaMay 7, 2019
South Florida has been and still is a bustling hub of real estate asset investment from investors worldwide. This area hosts many different industries and bold, inventive people with great ideas.
Investors from all over the globe, in places like Latin America, Europe and Canada, have discovered and made this area a key part of their investment portfolio.
South Florida is full of unique opportunities for multi-family real estate investment properties. Each city in South Florida, as well as, each neighborhood in each city will achieve a distinctive investment goal.
Below are a few things to keep in mind about the differences in two main South Florida cities: Miami and Miami Beach.
Why invest in multi-family rest estate in Miami Beach verses Miami?
1.Real Estate Supply and Demand
Although both cities have great investment potential, Miami Beach, being a part of an island, has a natural land supply restriction keeping the demand high.
The limited opportunities in Miami Beach make for high demand in investment opportunities, as well as, consistently high rental demand. They are not making any more land on Miami Beach!
The number one reason why people relocate to the Miami area is to live in Miami Beach. The preference for beach side living is staggering!
2. Quality of Life
The quaint feel of Miami Beach with its historic Art Deco buildings and plentiful bike paths and sidewalks, attract residents looking for a simpler lifestyle than that of the hustle and bustle in Miami.
In fact, the North Beach neighborhood in Miami Beach has more parks per capita!
Miami Beach is full of great education options for those with children and the statistics show that Miami Beach is safer than Miami. Miami Beach offers a small town feel just minutes away from the big city. Residents can have it all!
3. Building Size and Pricing Miami Verses Miami Beach
For the moment, Miami Beach multi-family investment properties are well-priced and affordable. A lot of the multi-family buildings selling in the city of Miami right now are 30-50 story buildings.
If you are a seasoned investor with a lot of real estate experience in the Miami area, that may be a good fit for you. In fact, the Wynwood neighborhood of Miami is booming with very large developments. But for the majority of investors who are looking for their first or second investment purchase to achieve passive income as a part of a diversified portfolio, those 30-50 story Miami buildings are not feasible.
Drive around Miami Beach for two minutes and you will immediately understand that the city of Miami Beach has certain building codes and regulations that help sustain the quaint look and feel of the city for the residents.
There are few areas where the buildings are allowed to be above a few stories tall. This is to help with population density and to achieve the social goals of the city founders and current residents.
The Miami Beach building and development regulations around size and height also ensure that today’s investment will not be taken over by a new skyscraper development next door.
4. Public and Private Investment in North Beach, Miami Beach
Local experts forecast that the North Beach neighborhood of Miami Beach will achieve the highest growth rates in coming years. With the bill passing authorizing Town Center private development, the G.O. Bond investments and over 250,000 square feet of private investment, North Beach is about to become the booming heart of Miami Beach residential life. Each of these forces on their own would have a huge impact on increased future resell values, but altogether they make the best time to invest, NOW!
What multi-family investment properties are on the market right now in Miami Beach?
If this is your first investment property or you are a 1031 exchange real estate buyer, these featured Miami Beach properties are a great investment!
Fourplexes, like 855 80th Street in North Beach, Miami Beach, are excellent first-time investment options. Owners have the option to live in the building as subsidized housing and can qualify for the homestead exemption. Fourplexes can also be purchased with a residential loan which, generally, requires a smaller down payment.
For the more seasoned buyer, ready to invest in a larger property, this 10-unit building on 7911 Abbott Avenue, Miami Beach is perfect.
Lastly, for those looking for a unique 20-unit waterfront four-building opportunity, check out 7825-7859 Crespi Boulevard in North Beach, Miami Beach!
Miami Beach has excellent multi-family investment properties for those looking to invest in real estate.
After the initial investment is over, how do I manage the property?
Out-of-town investors and first-time multi-family real estate investors may want to seek the assistance of a property management company to handle the day to day operations of their investment.
Local management companies like Urban Resource have the local building knowledge and local vendor relationships to make the transition easy and stress-free.
Urban Resource’s local Property Management services can be as simple as just handling maintenance and repairs.
Some property owners prefer that Urban Resource handles the larger projects like building renovations and 40-year certifications.
Additionally, the Real Estate arm of Urban Resource will help keep the property vacancy rate low with qualified tenants. If as an owner, you would like this new multi-family building to be passive income and no worries, consider it done with the local Miami Beach experts at Urban Resource!