1553 Jefferson presents a unique opportunity for the investor or homeowner. The 7500 sq.ft site contains a quadruplex and a residence just steps from Lincoln Road. Potential upside includes; Significant Vacant Land; Zoning allows a buildout of 9375 sq.ft. Al

1553 JEFFERSON AVE #5, Miami Beach

$1,499,000 USD
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Address1553 JEFFERSON AVE #5, Miami Beach
Building NameLincoln Road
Type of PropertyQuadruplex
Property StyleQuadruplex
Price$1,499,000
Previous Price$1,599,000 (89 days ago)
Property StatusActive
MLS NumberA10728418
Year Built1935
Parking Space Number5
Folio Number02-32-34-002-1320
Gross Rent Income$110,400
Net Operating Income$73,950
Zoning InformationRM-1
Days on Market89

Detailed Description: 1553 Jefferson presents a unique opportunity for the investor or homeowner. The 7500 sq.ft site contains a quadruplex and a residence just steps from Lincoln Road. Potential upside includes; Significant Vacant Land; Zoning allows a buildout of 9375 sq.ft. Although the 2740 sq.ft quadruplex is designated historic, the residence at rear is undesignated and can be demo’d or augmented for a total additional 6635 sq.ft of new construction. Unit Mix; All Quadruplex units are ~700 sq.ft. Two have already been converted into 2BR units significantly increasing rents and desirability. 2BR rental units are increasingly difficult to find in this area and command a premium price. Under Market Rents; Rents are currently 25% below market. All MTM. See attached OM for various development scenarios and pro formas.

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Address Information
StateFlorida
CityMiami Beach
CountyMiami-Dade County
Zip Code33139
Address1553 JEFFERSON AVE
Section34
Financial Information
Price$1,499,000
Price per Foot$0
Previous Price$1,599,000
Folio Number02-32-34-002-1320
Gross Rent Income$110,400
Net Operating Income$73,950
Tax Amount$23,888
Tax Year2018
Possession InformationFunding
Full Descriptions
Detailed Description1553 Jefferson presents a unique opportunity for the investor or homeowner. The 7500 sq.ft site contains a quadruplex and a residence just steps from Lincoln Road. Potential upside includes; Significant Vacant Land; Zoning allows a buildout of 9375 sq.ft. Although the 2740 sq.ft quadruplex is designated historic, the residence at rear is undesignated and can be demo’d or augmented for a total additional 6635 sq.ft of new construction. Unit Mix; All Quadruplex units are ~700 sq.ft. Two have already been converted into 2BR units significantly increasing rents and desirability. 2BR rental units are increasingly difficult to find in this area and command a premium price. Under Market Rents; Rents are currently 25% below market. All MTM. See attached OM for various development scenarios and pro formas.
Roof DescriptionBarrel Roof
Floor DescriptionMarble, Tile, Wood
Pool DescriptionAutomatic Chlorination, Auto Pool Clean, In Ground, Fenced
Cooling DescriptionCeiling Fan (s), Paddle Fans, Wall / Window Unit (s)
Heating DescriptionWindow / Wall
Water DescriptionMunicipal Water
Sewer DescriptionPublic Sewer
Property parameters
Zoning InformationRM-1
Year Built1935
Type of PropertyQuadruplex
StyleQuadruplex
Building NameLincoln Road
Construction TypeCBS Construction,Slab Construction,Stucco
Stories Number2.000
Parking Space Number5
Listed withThe Keyes Company