Are you looking for a real estate investment opportunity in Miami Beach? A luxury apartment complex, located at 1515 Euclid Avenue, was just listed for $9.75 million, or about $547,000 per unit. According to a recent article from The Real Deal, the current owner is Euclide MB Investments Corp, who purchased the property for $3.1 million in 2010. The owners have invested approximately $5 million into renovations of the three-story complex.
Units in the community range from studios to three-bedroom apartments. Features include mosaic pearl walls, polished stone flooring, Italian marble, wooden doors, and high-end bathroom fixtures. The building was built in 1937 with a u-shaped design. Nestled in the middle is a private courtyard complete with koi pond and garden. Building amenities include a gym, steam room, sauna and a common space. At the moment, the building is 65% occupied with a 4.5% cap rate. Recent comparable properties in the area include a short-term rental property on Ocean Drive in South Beach that just hit the market for $12.9 million.