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Condo Building On Washington Avenue Hits The Market: $14M

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washington-ave-buildingA low-rise condo building in South Beach has hit the market for $14 million. 

The Golden Dreams Condominium, a 26-unit complex at 65 and 75 Washington Avenue, is being offered as a bulk sale, according to CoStar Group. Built in 1960, units range in size from 380-square-foot studios to 620-square-foot one-bedrooms. The list price breaks down to about $540,000 per condo.

The building is being marketed as a hotel redevelopment with 42 luxury suites. Agent Isabel Fine, managing principal of Real Miami Commercial Real Estate, said she’s in talks with hotel operators to create a luxury bed and breakfast brand for the site.

“The property is a condo that we’re collapsing because the highest and best use of the property is not an apartment building,” said Fine.

The Class C building is currently 93.8 percent occupied with units asking anywhere from $1,200 to $2,000 a month in rent. The post-war building features breeze block railings, external corridors and a semi-private courtyard and a “gull wing” low gable roof. In all, the property includes 10 covered parking spaces that belong to the condo association.

Floor area ratio for the 0.3-acre property is limited to five stories, Fine said.

The neighborhood, south of Fifth Street in Miami Beach, is home to high-end condo towers and a handful of popular restaurants that include Joe’s Stone Crab, Estiatorio Milos, the Continuum and Apogee. In May, the Fogo de Chao building at 834-836 First Street was listed for sale at $19.5 million. The Brazilian steakhouse has two years remaining on its lease with a five-year option.

“South of Fifth Street is a totally different animal,” Fine said, “and the market lacks high-end hotels.”

 

Source:  The Real Deal

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