Compass Florida and the Porosoff Group are pleased to offer for the sale The Normandy Island Apartments, a 16-unit apartment building located in the Normandy Island neighborhood of Miami Beach, Florida. The
Normandy Isle Apartments were constructed in 1939 and consists of a single, two story building on a 7,265 square-foot lot. The building has a total of 16 units with 8 Studios and 8 One Bedroom/One Bathroom Units. The studios average 500 square-feet while the one bedroom apartments average 640 square-feet.
The building presents an exceptional value add opportunity through the renovation of all units to market standards. The Normandy Island Apartments currently have 6 out of the 16 units occupied with expiring leases, providing new ownership the flexibility to renovate all the apartments simultaneously. The prime location of the buildings, offering immediate access to North Bay Village and the North Beach Town Center district, is mirrored in the market rents. These rents have experienced consistent increases due to the escalating demand in North Beach, driven by post- COVID migration trends into the region.
North Beach is in the process of a major development boom with the recent addition of the Miami Beach Town Center District that spans from 69th Street to 72nd Street and from Collins Avenue to Dickens Avenue.
This area allows for much denser development which has attracted major investments in the immediate area and will further enhance the neighborhood. There are several other major developments in the area including Terra Groups Eighty-Seven Park and the Ocean Terrace project which includes high end condos, hotels and mixed use retail. Additionally, the property resides several short block from the main bridge leading to North Bay Village which has recently seen a spike of development projects as developers rush to build high end condo and multifamily product to meet unparalleled demand.
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