Colliers International Florida Tapped To Sell Multifamily Portfolio In North Beach

Mar 06, 2020 No Comments by

With the recently designated North Beach District Master Plan kick-starting a renaissance for one of the most dynamic ocean-front communities in Miami Beach, coupled with North Beach’s character and appeal, Colliers International Florida Director Mitash Kripalani along with his team of Gerard Yetming, Virgilio Fernandez and Brittany Schillinger have been appointed to lead the sale of a $6.9 million portfolio of two multifamily properties in North Beach.

Currently operating as strong income-producing short-term rentals, the North Beach Portfolio is located at 7610 and 8040 Harding Avenue and consists of two recently renovated multifamily buildings with 19 units combined. Built in the 1950s, the North Beach Portfolio offers a charming boutique atmosphere in Miami Beach. Both properties were recently renovated with modern interiors and finishes including kitchens, impact windows, bathrooms and wooden flooring.

Featuring 11 apartments ranging from one-, two- and three-bedroom units, 7610 Harding Avenue offers a turnkey investment opportunity with fully furnished spacious layouts. The property sits on 11,000 square feet and features 6,830 square feet of living area. The property is listed for $3.75 million.

8040 Harding Avenue features eight units ranging from one- and two-bedroom apartments with an average unit size of 730 square feet. The property sits on 5,500 square feet with 5,800 square feet of living area steps from the beach. The property is listed for $3.15 million.

 

“Short-term rentals are a new asset class – part multifamily, part hospitality. The societal shift to a sharing economy and new technological platforms such as Airbnb, VRBO and Booking.com have converged to create tremendous opportunities for income generation that did not previously exist. The North Beach Portfolio is a perfect opportunity for investors to capitalize on the irreversible growing trends that the short-term rental asset class is presenting to society,” said Kripalani. “With zoning and permits allowing for this use without the risks of hefty fines, future real estate development potential positions this property as covered land play that generates tremendous current income as North Beach ushers in a new era.”

Known as the cultural center of Miami, Miami Beach is a notable tourist destination with a rich culture, art and history. North Beach continues to experience robust growth with more than 75,114 residents calling the area their home and an average $98,587 average household income in 2019. The area presents the opportunity to combine the charming small-town feel and the history of MiMo (Miami Modern) with the trendiness of South Beach and the family and tourist imprints of Mid-Beach. With the recently designated North Beach District Master Plan initiating re-development, the community’s planners and its residents are coming together to revitalize North Beach into a vibrant walkable community that celebrates its history and that will attract new residents, locals and tourists.

 

 

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Industry News, Miami-Dade County Multifamily, Multifamily, NA
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