Comprising 12 operating units, Noble Pine Tree Apartments offers a unique investment opportunity for an investor looking to break into the Mid-Beach market. All operating units are fully-renovated and a majority of the apartments have new in-unit washer/dryers. The property consists of (1) two-bedrooms, (5) one-bedrooms and (6) studios. The average in-place rent per-unit stands at $2,175. The property consists of 12 operating units; however, it was built as 8 legal/conforming units. The property has undergone significant renovations over the years including new modern cabinetry, updated appliances, modern-tile flooring, new vanities, lighting, counter tops and kitchenettes (in select units). With the barriers to entry in this pocket being some of the highest in Miami, the location is unparalleled.
Noble Pine Tree Apartments sits on a spacious 8,580 square foot lot and features a generous yard with shared porches as a common area amenity. Featuring tables, a seating area, hammocks and sun-umbrellas. It is situated next to multi-million dollar homes on Miami Beach’s prestigious Pine Tree Drive and a 5-minute walk to the beach. The subject property is also located less than a block away from one of Miami Beach’s biggest projects, Bayshore Park. With a city approved budget of $42,800,000, this 19.4-acre former Par 3 Golf Course is being developed into a massive park for Miami Beach residents to enjoy. The new park will include environmental remediation, a central lake with boardwalks, a pavilion, six tennis courts, restrooms, children’s playground, dog park, jogging trail and pathways, a fitness cluster, butterfly garden, linear water feature, parking lot, walkway lighting and security camera systems. Currently, the project is expected to be completed in the fall of 2025.
This property presents an attractive option for investors looking to own a valuable asset in a highly sought-after Miami Beach location. It offers stability, potential for long-term growth and appreciation. The setup is ideal for an investor who wishes to benefit from the limited inventory and high demand for a cash-flowing property in this coveted area.
