2855 Royal Palm Avenue

Compass Florida is pleased to present 2855 Royal Palm Avenue in Miami Beach, FL. This asset is currently operating as a multifamily building, consisting of four 2 Bedroom 1 Bath units and 2 studios. The property was built in 1930 and sits on an 8,038 square-foot lot consisting of 3,920 square feet of rentable space. The primary building is a two-story property consisting of 4 two bedrooms units while the second structure is a two-story building with 2 studios. There are three parking spots on the south side of the property in addition to plenty of street parking along the edge of the property. The primary building has central AC units installed, wood floors, and large open floorplans.

The property is located just south of the Julia Tuttle Causeway, the main entry point into Miami Beach, and is right off Arthur Godfrey Road, a 1.5-mile stretch that leads directly to the Atlantic Ocean. Arthur Godfrey Road contains many popular restaurants, retail centers, and mixed-use buildings. The property is within walking distance to a foot bridge that leads directly to the Atlantic Ocean and the Faena district. It is also a 15-minute walk to Lincoln Road Mall, the primary arts and entertainment district of South Beach, and the Miami Beach Convention Center. 2855 Royal Palm provides the perfect home base for living on a tranquil, tree-lined street while having the flexibility of being close to all the nightlife, dining, and entertainment that Miami Beach has to offer.

Another option is to convert the property to a primary residence. Miami Beach has seen tremendous demand from both national and international clients in the wake of Covid-related migration. This has led to a limited supply of available luxury housing in Miami Beach and overwhelming demand in areas like mid-Beach. Property values continue to rise in the area, driven by migration primarily from the Northeast and West Coast. The international market is also showing signs of reentering the marketplace as restrictions ease up.

2855 Royal Palm represents a unique investment in the Miami Beach market. Rents are currently well below market and the site is in an area that is ripe for conversion or redevelopment into a single-family residence.