About Ocean 18 Lofts
Cushman & Wakefield, as exclusive advisor, is pleased to present Ocean 18 Lofts – a fully renovated apartment opportunity in Miami Beach.
The property is situated in the North Beach are of Miami Beach on Normandy Isle, approximately 0.5 miles west of the beach. It is a 3-story building that contains 18 units of which, 11 are studios, five are one bedrooms and 2 are two bedrooms. Ocean 18 Lofts is available below the replacement cost to acquire and renovate comparable properties in the immediate area.
The property has below market rents. There is a loss-to-lease upside of $68,000 or over $300 per unit per month in rental upside by achieving current market rents at the property. Despite all units been fully renovated, there are only two units currently at market rents.
Ocean 18 Lofts is situated on Normandy Isle within Miami Beach. It is walking distance to the beaches, Collins Avenue, and area attractions. The immediate area surrounding the property is poised for significant investment and improvement. The Miami Beach Commission unanimously approved a master plan for the city’s North Beach neighborhood, which stretches from 63rd to 87th Street. The master plan will include a North Beach Town Center and is likely to revitalize the area with hundreds of millions of dollars of new developments and neighborhood improvements.