October 17, 2023 – Alec Bashein of Horvath & Tremblay has arranged the sale of 411 Meridian Avenue, a four-unit multi-family property in Miami Beach, Florida. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,600,000.
Located at 411 Meridian Avenue in Miami Beach, Florida, the Property is an 8-unit multifamily Art Deco building located in the extremely rare and desirable South of Fifth neighborhood in Miami Beach. The property was constructed of concrete block in 1936 and has a 5,703 square feet of living area and 5,119 of adjusted area according to the Miami Dade County Property Appraiser’s website. The property is situated on a 7,000 square foot lot, one parcel off the corner of 4th Street and Meridian Avenue. The land is designated in the 6503 commercial zone with multifamily permitted as the primary land use. With five assigned parking spaces, an on-site laundry facility, central and wall air conditioning units, lushly landscaped common areas, and hardwired surveillance cameras, the property is truly an Art Deco gem. The property presents a unique opportunity to acquire one of only a handful of existing apartment buildings in the highly sought after Ocean Beach Historic District that have yet to be converted into a condo or other commercial uses. The property has been meticulously maintained by the current 45+ year long-term ownership and features a gated and secured courtyard for the convenience of the residents. Units are accessible via interior hallways and common area stairwells and are well laid out, with large living rooms, lots of closet space, tile flooring, gas ranges, and black and stainless steel appliances, the property meets or exceeds the expectations of the areas renter pool. Furthermore, one unit at the property has been extensively renovated with condo quality finishes including central air conditioning, black and stainless steel appliances, Samsung stacked washer and dryer pair, Samsung Stainless Steel Refrigerator, refined modern white cabinets, quarts counter tops in the kitchen, stainless steel accents, modern ceiling light fixtures throughout, smart thermostat, dishwashing machine, upgraded vanity and fixtures in the bathroom, all in the background of a two-tone color scheme with thick white painted baseboards and porcelain flooring. The property is located on a quiet residential street just steps from Collins Avenue, which is known globally for its diverse array of dining, entertainment and shopping options.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the Country. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.