For Sale: Recently Renovated 18-Unit Multifamily Building in the Heart of Edgewater
Colliers International is pleased to present the opportunity to acquire 437 NE 29th Street, a recently renovated boutique apartment building in the heart of Miami’s trendy Edgewater District. The building is located next door to the recently completed Biscayne Beach Condo building as well as The Icon Bay.
The property consists of 18 fully leased, one bedroom/one bathroom apartments. The units have been recently renovated featuring newer appliances, modern kitchen cabinets and countertops, as well as flooring and bathrooms. Potential buyers will have the opportunity to continue operating the building as apartment rentals with room to increase rents or to reposition the building into a boutique short term rentals property, which is also allowed by right under the current zoning.
This great investment opportunity has the potential to yield an incredible return for those who want to capitalize on the booming tourism sector and economic improvement in this neighborhood by doing short term rentals, while also having the ability to continue to utilize the property for multifamily use.
Site Area: 5,000 SF
Zoning: T6-36-A L
Average Unit Size: 450 SF
Asking Price: $3,199,000