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3921 Fact Sheet

Apartment Complex (Zoned for Residential Use)

Beautiful Mediterranean Style four-plex on the water, with gorgeous views & landscaped grounds. Custom built wooden decks on the water allow for both boat dockage and picturesque relaxation opportunities.  Juliet Style balconies in bedrooms, overlooking the water. In-unit washer/dryer hook ups. New hurricane impact windows & doors. Great location, close to 41st St., Julia Tuttle Causeway, I-95, groceries/shopping, restaurants, houses of worship, the beach, & world famous South Beach.  

General Information 

  1. The building recently had its 50-year re-certification. It had its 40 year and has to get re-certified every 10 years, so it recently passed inspection for re-certification (50 year).

  2. We have installed all new hurricane impact windows and doors (of the highest standard to meet Miami-Dade requirements).

  3. The electrical has been updated, as well as the plumbing.

  4. We have installed small Juliet Style Balconies off all the bedrooms on the 2nd floor with sliding glass doors (impact). 4 in total (so 2 in each upstairs apartment).

  5. There is room enough in back to dock 2 nice sized boats. The property sits on a wide and deep canal with bay access. Note there are some bridges to navigate so unless the boat is quite large it should be able to get to the bay / and ocean. The height of the bridges is unknown to us at this time.

  6. The zoning allows for a 4-story structure should one decide to add to or re-build upwards.

  7. The property could easily be turned into a single-family residential home on the water. The property would be priced quite nicely for a home on the water with a potential of 8 bedrooms, 8 bathrooms, and kitchen(s), large living area etc.

  8. The rooms are large in each apartment. Each apartment has L-Shaped living and dining room areas and the bedrooms are a nice size as well.

  9. Some of the bathrooms and kitchens have been redone and updated. The ones that have not are still very nice, though of an older style

  10. The building stays occupied. The tenants love the fact that the building is small enough to remain quiet and they love being on the water.

  11. As you might be able to see the owner has built wood decks in the back along the water for the tenants to lounge, barbeque, and enjoy the property alongside the water.

  12. The property has 10 parking spaces (which is very rare for this area of the beach). They are in tandem, so you have 5 spaces that each fits 2 cars. So each apartment has 2 parking spaces and there are 2 additional spaces for maintenance personnel or property manager to park in when visiting.

INCOME AND EXPENSES

As of January 2024

Annual Income: $197,040

  1. Apt A: $3,250 per month / $39,000 Annually (1 Year Term, Expires 5/31/2024)

  2. Apt B: $3,990 per month / $47,880 Annually (1 Year Term, Expires 11/30/2024)

  3. Apt C: $3,700 per month / $44,400 Annually (Month-to-Month)

  4. Apt D: $5,000 per month / $60,000 Annually (1 Year Term, Expires 06/30/2024)

  5. Boat Slips (1): $450 per month / $5,400 Annually (Month-to-Month) (1 additional space available)

  6. Additional Parking (1): $30  / $360 Annually (Month-to-Month)

Annual Expenses: Approximately $36,561.73

  1. Business Licenses: $227

  2. Landscaping: $300

  3. Utilities:  $4,886

  4. Property Tax in 2023:  $31,148.73 (We generally file an appeal for the property taxes each year to have them reduced).

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