Special Commercial Real Estate Investor Deal in Miami Beach
The Cynthia Condo/Hotel
2115 Washington ave, Miami Beach, FL 33139 (map)
OWNER FINANCING
This property was built in 1945. It is 75 Condominium Units with an average of 500 sq ft per unit. There are 5 floors in the building and 47,158 sq ft of living area under A/C.
There are 75 units total: 20 one bedrooms, 51 studios, and 4 hotel rooms.
Income based upon $1,200. for one bedroom, $900. for efficiency and $500 for hotel room will bring in $862,800 less vacancy factor.
The building is an U shaped design. It has 2 antique and well maintained elevators, a laundry room, an office and a room for a gym .
It is zoned for Hotel and the owner has a permit of use for Hotel.
The location of this property is in an Up and Coming area. Between Lincoln road on the south, Dade bld. on the north, W hotel and Setai on the east, Convention Center and Fillmore on the west.
A new development named Arte City occupies the rest of the Block.
The city of Miami Beach has plans for an amazing renovation of this area.
The Miami Beach convention center received 55 Million Dollars to renovate and expand.
Some projects are planning a transformation of the Fillmore to include a 5 Star Hotel with Retail on the ground floor
