960 Biarritz Drive is a 14-unit stabilized and fully renovated apartment building in the heart of North Beach. The property is steps from the water and a 5 minute walk to the beach. North Beach is a growing market with a number of attractive retailers, restaurants, and new developments. All 14-units have tile flooring, full kitchens, and impact windows/doors. The property is being offered at a 6.13% existing cap rate and is fully leased with below market rents. The purchaser can likely increase rents. All leases have 60 day termination clauses.
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Over the past 20 years, no American beach has generated as much buzz as the one that hugs Ocean Drive in Miami Beach. Fringed with palms, backed by Art Deco architecture and pulsating with urban energy, South Beach is the place to stretch out.
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