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7911 Abbott Avenue
Miami Beach
2020
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THE PERFECT PLACE TO LIVE
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Location, Location, Location!
THE PLACE
The perfect 10! This multifamily investment building for sale in Miami Beach hasbeen upgraded recently with all new impact windows, upgraded façade, fullpainting, new air conditioning units, all new railings, pavers, and gated entry. All unitsare spacious 1BD/1BA’s and feature upgraded kitchens & baths, tile floors, and newelectrical service. 40-year certification is complete! Building offers on-site laundry andbreeze-swept paved walkways. Just steps from the beach, and 36-acre North BeachOceanside Park. This is a great value with nice unit count and room to bump up rents.Invest in North Beach today –$90M in public projects already committed thru 2020, withanother $98M coming over next 10 years. Get in today and see your investment grow!
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• Strong rental demand and stable cash flow!
• Proven historicalperformance boasting long-term tenants!
• Beautiful Landscaping and Convenient On-Site Laundry!
• Secured Gated Entrance
• 2016 & 2017 Renovations including:
• Several unit interiors – 2017
• Fully Renovated Exterior – 2017
• Upgraded Façade & Paint
• New Pavers, New Gutters, New Landscaping, New Railings, New
Mailbox
• New Electrical,All A/C’s replaced to PTAC, Impact Windows
• 40 Year Certification Completed – 2016
• Best time to invest in North Beach –$90M in public projects committed
thru 2020!
• Location! Location! Location!
• Walkable to the beach, North Beach Oceanside Park & brand new Altos Del
Mar Park!
• Only half a mile to the new North Beach Town Center with close to $80M
spent on land development already!
• Easy access to great schools, shops and restaurants!
• Free trolley and plentiful bike lanes make transportation easy and
affordable!
WHY 7911 ABBOTT
AVENUE?
UNITS 10
FLOORS2
YEARBUILT 1956
LIVING AREA 6,299 SQ.FT.
LOTSIZE 5,650 SQ.FT.
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STRONG RENTALDEMAND!
CURB APPEAL & LANDSCAPING!
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SPACIOUS OPEN FLOOR
PLANS WITH ORIGINAL
HISTORIC DETAILS
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BEAUTIFUL KITCHENS & BATHS
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BEDROOMS WITH TILE
FLOORS & PLENTIFUL
CLOSET SPACE!
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UNIT MIX &RENT ROLL
UNIT TYPE RENT MARKET
1 1 -1 $1,350 $1,425
2 1-1 $1,325 $1,375
3 1 -1 $1,360 $1,375
4 1 -1 $1,350 $1,375
5 1 –1 $1,360 $1,375
6 1 -1 $1,275 $1,450
7 1 -1 $1,275 $1,400
8 1 -1 $1,325 $1,400
9 1 -1 $1,300 $1,400
10 1 -1 $1,250 $1,450
Total $13,170 $14,025
Rent Increase to
Market Rates
6.5%
**INFORMATION IS BELIEVED ACCURATE BUT IS NOT WARRANTED**
UNIT MIX
1BD/1BA: 10
TOTAL: 10
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FINANCIAL SUMMARY
NET INCOME CURRENT MARKET
ANNUAL GROSS
RENT
$158,040 $168,300
TOTAL EXPENSES $63,758 $63,758
LAUNDRY INCOME $1,231 $2,400
NOI $95,513 $105,773
LIST PRICE $1,750,000 $1,750,000
CAP 5.46% 6.04%U
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COMPARABLE SALES
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ADDRESS # OF UNITS SALES PRICE STATUS PRICE/SQ.FT
7911 ABBOTT AVENUE
10 $1,750,000 ACTIVE $277.78
924 MARSEILLE DRIVE
18 $4,599,000 ACTIVE $403.42
7510 BYRON AVENUE
8 $1,600,000 ACTIVE $314.22
7718 CARLYLE AVENUE
4 $850,000 SOLD $367.65
345 85TH
STREET8 $1,450,000 SOLD $277.83
7500 DICKENS AVENUE
6 $940,000 SOLD $294.58
780 81ST
STREET10 $1,665,000 SOLD $284.91
This northern stretch of Miami
Beach is the lastunderdeveloped
section of the city and it is
surrounded by the most well-
established and thriving
economic engines
of South Florida.
NORTH BEACH
Several incredible
local schools,
restaurants and
parks giveresidents
an idylliclife.”
Current private and public investment growth in North Beach
and a shrinking housing supply create the best time for
investment NOW! These investments drive the economy creating
more employment opportunity and increasing the tax base for
more investments in the local community thus, creating a richer
quality of life for all North Beach residents and a higher demand
for housing. Nestled at the core of the most established and
fastest growing neighborhoods in America, North Beach is
attracting a more upscale demographic in line with the
surrounding neighborhoods.
Several incredible local schools, restaurants, parks and places
of worship give residents an idyllic life. The free trolley and
plentiful bike lanes make transportation easy and affordable.
Residents bursting with pride for North Beach give back to their
neighborhood with beach clean-ups, enjoy the weekly Normandy
Village Farmer’s Market and attend regular events at the North
Beach Bandshell Amphitheater! North Beach is poised to become
the epicenter of growth in Miami Beach for the next 20 years
with $90M in public projects already committed thru 2020 and an
additional $64M coming over next 10 years.
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“Like many others, Paskalwas awed by North Beach’s modest, affordable yet distinctive mid-20th Century architecture, its low-scale walkability, the abundance of parks. And above all, the intimate proximity of water everywhere — the Atlantic Ocean on one side, waterways and Biscayne Bay on the other, and in between a series of islands connected by 14 scenic bridges.
He soon discovered that North Beach had history, authenticity, personality and a wide range of amenities, neighborhoods and people. A picturesque, French-inspired fountain on Normandy Isle, and a Space Age bandshell on the beach. Suburban-style single-family homes occupied by old-line, well-to-do Beach families and clusters of garden-style apartments redolent of the subtropics and densely populated by immigrants and hotel workers.”
NORTH BEACH IN THE NEWS
Source: https://www.miamiherald.com/news/business/real-estate-news/article238515478.html
“The new town center guidelines, which allow micro-units to foster housing affordability, are intended to turn several lifeless blocks into a vibrant and pedestrian-friendly urban district that can anchor a broader revitalization of North Beach.”
“I am wildly optimistic about North Beach,” said Miami Beach Commissioner Ricky Arriola, a key backer of the plan along with former Mayor Philip Levine, who launched the effort while in office. “We have laid the groundwork from a legislative perspective to make that happen. This is going to be the biggest success story in Miami-Dade County in years. Once it’s done, the quality of life is going to be very high.”
“Rents in North Beach have already been climbing for years, said Daniel Veitia, a longtime Normandy Isle resident and one of the busiest property managers and listing agents in the neighborhood. In 2005, he said, a one-bedroom apartment went for $800 a month. Now the same unit rents for as much as $1,450 a month, said Veitia, who also sits on the city planning board.”
January 06, 2020
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WHY NORTH BEACH?
North Beach Rental and Sales Market Statistics
• ZERO new entry level rentals are forecasted in the North Beach Market• Entire Miami Market Vacancy Rate: 5.9% vs. North Beach Submarket Vacancy Rate: 5%
• 96% Occupancy Rate!
• Q1 2019–Studio Apt Rent Avg = $1,174/month
• Q1 2019-1 Bedroom Apt Rent Avg = $1,315/month
• Q1 2019-2 Bedroom Apt Rent Avg = $1,676/month
• 2018 Avg Multi Family Sale Price/Sq.Ft. in North Beach was 25% less than South Beach!
• 2019 Avg Price of Single-Family Home Sales = $2.58M
• 2019 Avg Price of Condo Sales = $505,000
North Beach Location & Public InvestmentStatistics
• North Beach public projects planned/completed over last 6
years totaling $54M!
• 2019-2030 G.O.Bond plan has allocated almost $134M to
North Beach!
• 3% population growth forecasted through 2024 in North
Beach!
• High Walkability Score:76!
• 3.3 miles to the key tourist destination, South Beach
• 1 mile to prestigious Bal Harbour
• 11.4miles to Downtown, Miami
• 13.6 miles to Miami International Airport
*Data from MLS, Costar: May 2019, U.S. Census Bureau, and City of Miami Beach*
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NORTH BEACH ZONING
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NORTH BEACH
POINTS OF INTEREST
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NORTH BEACH PUBLIC FUTURE INVESTMENTS
Two. More Mobility Options – Safe,
comfortable, interesting, and beautiful
streets with wider sidewalks, world-class
bike infrastructure, shade trees for
sidewalks, better lighting, and buried or
relocatedoverheadutilities.
Three. Protect & Enhance Neighborhoods
– Preservation is the soundest long-term
economic development strategy. New
construction should occur in vacant or
underutilized spaces and complement the
existing buildings.
The Miami Beach City Commission
unanimously approved a master plan for the
city’s North Beach neighborhood, which
stretches from 63rd Street to 87th Street.
Five. Improve Protection – Improving its
ability todealwithsea levelriseand
climatechangeby upgrading all
infrastructure to new standards.
PLAN NOBESTATS
108 NEWPEDESTRIAN
CROSSINGS
6.41MILES OF NEW BIKEWAYS
7 MILES OF NEW TRANSIT
LANES
3.7 FEET OFSTREET RISING
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One. Make A Town Center – Vibrant, dynamic,
compact, pedestrian –friendly and with a mix of
uses to ensure a pedestrian experience that is
welcomingand interesting
Four.Maximize Public Lands Utility and utilize
its properties to support the surrounding
community and attract new investment
The plan developed by planners Dover Kohl,
offers a set of 5 Big Ideas proposed to
encourage the growth of the North Beach
Community. These five consensus ideas
provided an outline for Plan NoBe
AREA PUBLICDEVELOPMENTS
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ADDRESS / NAME OF PROPERTY
DETAILS
OCEAN TERRACE
Approved: Repurposing beach front property for pedestrian
friendly walkways, public plaza, shade structures, dinning
terraces volleyball courts, etc.
ALTOS DEL MAR PARK
Completed: Approx. $5 Million investment into 76th
Street & Collins Avenue. A 5-acre ocean front park,
restrooms, volleyball courts, and an open field overlooking
the ocean.
NORTH BEACH OCEAN SIDE PARK
2019 – 2020 - $10.66 Million of improvements. 79th Street to 87th Street. New pathways,
lighting, entry gates, and the completion of the existing
beach walk.
RUE VENDOME PLAZA
2020 – Open Plaza, activation and programming, pedestrian
friendly, shade trees and lighting.
72ND STREET COMMUNITY
COMPLEX
2019 -2022 - $53.8 Million investment in the approval
stages: Park, Library & Aquatic Center. Converts parking lot
into mixed use new recreational park space,
rooftop competition pool, library & media center, fitness
gym with running track, & parking garage.
AREA RESIDENTIALAND MIXED-USE DEVELOPMENTS
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PROPERTY UNITS SQ. FT. FLOORS STAGEMORE
DETAILS
Town Center: “Seventy Second Park”
283 373,587 22 APPROVED
Mixed-Use 22-Story Tower with
283 Residential Units& 12,500 sq.ft.
Commercial Space
8421 – 8427 CRESPI BLVD:“Nobe Marina”
16 15,813 5 COMPLETEDNew construction. Luxury residential.
7925 – 7935CRESPI BLVD:“NOBE ISLAND”
14 14,335 4 APPROVEDNew construction. Luxury residential.
8701 COLLINSAVENUE: “EIGHT SEVEN PARK”
64 202,173 20 COMPLETEDNew construction. Luxury residential.
6800INDIAN CREEK:“MONACO YACHT CLUB”
30 95,420 12APPROVED New construction.
Luxury residential.
756 84TH STREET: “THE EIGHTY 4”
4 7,029 5APPROVED New construction.
Luxury residential.
68TH & COLLINS:“L’ATELIER’
23 40,250 18COMPLETED New construction.
Luxury residential.
7400 OCEAN TERRACE
136 202,521 22APPROVED
Entire city block: 202,521 total sq. ft of unified site. Includes 78 hotel units in 16 story hotel tower & 58
residential units in 22 story tower. Retail &
restaurant space as well.
7140 COLLINS AVENUE
211 174,200 11APPROVED 187 hotel rooms,
24 residential units, 28,000sq ft. of retail
“With a combined team experience and
commitment to North Beach ofover 200
years…”ABOUT US
Urban Resource is the premier
expert for North Beach real
estate! Brother-sister founders,
Daniel and Laura Veitia, who live
and work in North Beach can
provide you with real estate
knowledge as a resident, investor,
and business owner in the area.
Dedicated to their customer and
supporting the growth of the
neighborhood, Urban Resource’s
team of highly trained and
licensed real estate professionals
are reliable andresponsive.
Additionally, as the largest
property management company
in North Beach with 100+
buildings under management,
Urban Resource’s success and
reputation are the direct result
of the relationships built with
their owners, residents and
local North Beach community.
A hands-on approach and
honest assessments exceed
customer expectations by
adding value at every step.
CONTACTINFORMATION
LAURA VEITIA
BROKER & VICE PRESIDENT
305.403.8686
www.urbanresource.com
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