Ocean 18 Lofts 924 Marseille Dr

Ocean 18 Lofts (924 Marseille Dr) is a three-story Art Deco apartment building featuring 18 fully renovated units in the heart of North Beach. The unit mix comprises of 7 standard studios, 4 large studios, 4 one-bedroom apartments, and 3 two-bedroom apartments. Most units come fully furnished. The property is fully occupied with a current average rent of $1,851. With significantly below-market rents, there is a potential rental upside of $75,900 annually ($350+ per unit per month) aligning with current market rates. Renovations include: New bathrooms with glass enclosures, new stainless steel appliances, updated cabinetry, updated PVC plumbing, new electrical system, porcelain tile flooring, new lighting, new fixtures, new doors with keyless entry, fully furnished, and quartz countertops.
The property is minutes from the beach and major retailers, including Publix a 3 minute drive away. North Beach is a growing market with a number of attractive retailers, restaurants, and new developments. The surrounding area is set for significant investment and improvement as the Miami Beach Commission has approved a master plan for the North Beach neighborhood including a town center with aims to revitalize the area with substantial new developments and neighborhood enhancements.
BUILDING SIZE: 9,375 SF
LOT SIZE: 11,437 SF
UNITS: 18
ZONING: RM-1
NOI: $250,136
PRO-FORMA NOI: $307,958
CAP RATE: 4.68%
PRO-FORMA CAP RATE: 5.71%
PRICE: $5,350,000
Highlights:
- EXCELLENT LAYOUTS & UNIT-MIX
- FULLY-FURNISHED
- NEWLY UPDATED BATHROOMS WITH GLASS ENCLOSURES
- QUARTZ COUNTERTOPS
- NEW STAINLESS STEEL APPLIANCES
- NEW UPDATED CABINETRY
- LARGE PRIVATE YARD
- UPDATED PVC PLUMBING
- NEW & FULLY UPDATED ELECTRICAL
- NEW LARGE PORCELAIN TILE FLOORING
- NEW KITCHENS
- NEW LIGHTING
- NEW FIXTURES
- NEW DOORS WITH KEYLESS ENTRY FOR ALL UNITS - ALL NEW FIXTURES
- UPDATED LIFE SAFETY
- UPDATED HALLWAYS