560 Michigan Ave, Miami Beach, FL 33139

$5,600,000 · Active

This income producing property includes two renovated buildings in Miami Beach with furnished one & two bedroom apartments, licensed for short term rentals and currently leased on an NNN basis to an operating company. A future owner can choose to keep the operating company in place, enjoying steady income not subject to occupancy fluctuations, or instead operate under own management. The remodeled 9 units offer fully equipped kitchens & bathrooms as well as central AC. The property consists of two separate folios and is located on a double corner lot at 6th Street and Michigan Avenue in the heart of South Beach, close to the 5th Street Mall and the new Five Park residential tower & City park. Ocean Drive, the beach as well as the exclusive South of Fifth neighborhood are just blocks away, making this an extremely attractive location for visitors and short term tenants. Zoning is CPS2 commercial - residential mix used - FAR 2,which allows further development up to 20,000 Sq/Ft. Please ask us for proposed design renderings.

Listing courtesy of The Corcoran Group, the listing brokerage, 305-395-4982. MLS number A12094992.