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$ 3,700,000
Est. payment /mo
Active
660 85th St Miami Beach, FL 33141
13,400 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Hotel/Motel
Listing Status Active
Purchase Type For Sale
Square Footage 13,400 sqft
Price per Sqft $276
MLS Listing ID A12001732
HOA Y/N No
Year Built 1989
Lot Size 6,150 Sqft
Property Sub-Type Hotel/Motel
Property Description
660 85th Street presents a rare opportunity to acquire a 12-unit boutique multifamily asset in the highly desirable Biscayne Point / North Beach submarket of Miami Beach. This four-story Art Deco-style building offers covered gated parking, elevator service, central AC, and private balconies—premium amenities rarely found in comparable North Beach boutique assets. Currently 83% occupied, the property includes two vacant units that provide immediate lease-up upside at market rents. Existing in-place rents remain approximately 30–40% below market, allowing a new owner to drive strong organic NOI growth through natural lease rollover without major capital improvements. Current gross income is approximately $242,700 annually, with stabilized upside projected near $288,300 and estimated NOI around $167,174. Located just blocks from the Atlantic Ocean, North Beach Oceanside Park, Ocean Terrace redevelopment, Bal Harbour Shops, and major retail amenities, the asset benefits from one of Miami Beach's most supply-constrained rental micro-markets. Also available as part of a multi-property acquisition with 709 83rd Street, this offering provides added scale and portfolio synergies for investors seeking expanded North Beach exposure. Seller financing available.
Location
State FL
County Miami-dade
Area 32
Exterior
Private Pool Yes
Others
Tax ID 02-32-02-008-1890
Listed by Beachfront Realty Inc
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