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531 16th St, Miami Beach, FL 33139
$2,400,000
531 16th St, Miami Beach, FL 33139View this property at 531 16th St, Miami Beach, FL 33139
531 16th StMiami BeachFL33139
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Property Description
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.
Full Property Details
Full Property Details for 531 16th St
General
- Price: $2,400,000
- Taxes: $41,610
- Status: Active
- Type: Commercial Multi-Family
- MLS ID: A11420681
- Updated: 3/14/2024
- Added to Site: 325 day(s) ago
Business
- Business Type: Commercial/Residential Income, Residential-Multi-Fa
Parking
- Parking Features: On Street
Location
- County: Miami-Dade County
Structural Information
- Detached/Attached: Detached
- Stories/Levels: 2
- Building Size: 10820
- Year Built: 1947
Lot Features
- Lot Size (Sq. Ft.): 8,000
- Zoning: 3900
Financial Considerations
- Tax Amount: $41,610
- Terms: Cash, Conventional/Refinance
Disclosures and Reports
- Buyer’s Brokerage Compensation: 3%
- Special Conditions: Sale
- Legal Description: LINCOLN SUB PB 9-69 LOT 10 BLK 52 A LOT SIZE 50.000 X 160 74R-86189 OR 11769-105 0483 4
- Property ID: 02-32-34-002-0680
Listed by Avanti Way Commercial
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Schools
Schools serving 531 16th St
School District:Miami-Dade County School District
Rating | Name | Grades | Distance |
---|---|---|---|
1420 Washington Ave, Miami Beach, FL 33139 | PK-8 | 0.2 mi | |
12829 Sw 272nd St, Homestead, FL 33032 | PK-8 | 25.1 mi | |
4301 N Michigan Ave, Miami Beach, FL 33140 | 6-8 | 1.8 mi | |
2231 Prairie Ave, Miami Beach, FL 33139 | 9-12 | 0.7 mi | |
Robert Morgan Educational Center and Technical College
18180 Sw 122 Avenue, Miami, FL 33177 | 9-12 | 20.7 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 531 16th St
Date
Details
Price
Change
Source
7/14/2023
Listed
$2,400,000
380%
MLS
8/07/2022
Sold
$500,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 531 16th St
Year
Property Taxes
Change
Tax Assessment
Change
2023
$41,081
9%
$2,500,000
2%
2022
$37,579
3%
$2,450,000
8%
2021
$36,639
-13%
$2,260,000
5%
2021
$42,222
-4%
$2,148,000
-2%
2019
$43,876
9%
$2,188,829
10%
2018
$40,078
12%
$1,989,845
—
2017
$35,644
9%
$1,980,000
20%
2016
$32,796
11%
$1,644,500
10%
2015
$29,619
4%
$1,495,000
7%
2014
$28,444
5%
$1,400,000
6%
2013
$26,997
—
$1,325,901
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 531 16th St
531 16th St, Miami Beach, FL 33139 (MLS# A11420681) is a Commercial Multi-Family property. 531 16th St is currently listed for $2,400,000 and was received on July 14, 2023. Want to learn more about 531 16th St? Do you have questions about finding other Commercial Multi-Family real estate for sale in Miami Beach? You can browse all Miami Beach real estate or contact a Coldwell Banker agent to request more information.