Unique opportunity to acquire this Land Lease with excellent income-producing 14-unit multifamily building in the heart of South Beach. Building offers a healthy unit mix, fully rented, low expenses, quality long-term tenants. Favorable land lease structure expiring in 22 years, low fixed annual lease payment for the entirety of the lease term with no escalations! Potential to extend lease term or buyout lease from land owner. Building is performing at a good cap rate in a strong rental market with upside on rents. Located in the heart of South Beach and the historic Art Deco District, ideally situated just steps away from the world famous Lincoln Road and its promenade of 200+ retail shops, restaurant and cafes. Building is well-kept and well-managed. Financials available upon request.
- Address 531 16th St
- City Miami Beach
- County Miami-Dade County
- Zip 33139
- Price $2,400,000
- Status Active
- Subdivision
- Pets Allowed No
- MLS® # A11420681
- Property Type Commercial Sale
- Property Sub TypeMulti Family
- Status Active
- Square Feet
- Year Built 1947
- Waterfront No
- Maintenance Fees No Info Provided
- Taxes $41,610
- Tax Year