This property is suited as a multi-generational purchase for the long-term investor. Such an investor will recap enormous rewards by acquiring this prime three parcel Ocean Drive Property on World Famous South Beach. Recent sales of vacant land on Ocean Drive are over $1,000 per square foot. The property consists of renovated 23 unit apartment building & two adjacent parcels of land which are currently used as a parking lot. The total size is 17,250 square feet. Of the total, 11,500 square feet is vacant land. This will permit significant development without historical constraints on redevelopment of existing Ocean Drive buildings. There is a lease with then current tenants, paying a nominate rent, that expires in 26 years.
Listing courtesy of RE/MAX Advance Realty.