1535 West Ave, Miami Beach FL 33139
1535 West Avenue is a 10-unit value-add property located in the heart of South Beach. The property has fully approved plans with the City of Miami Beach to commence a full renovation in one of the convenient walkable access to Lincoln Road, the beach, Flamingo Park and many more Miami Beach points of interest. The property currently has eight units and full approvals to renovate to ten units. The ten units will total two 1BR/1BA and eight 2BR/2BA. The cost to renovate the property is forecasted to be $650,000 or $65,000 per unit. Upon completion, rents are slated to be $2,750 for 1BR/1BA and $3,650 for 2BR/2BA which is in line with similar comparables. After renovations, the NOI is projected to be almost $275,000 which provide a return on cost north of 6.5%.
