1881 Washington Ave # 5H, Miami Beach FL 33139

For sale Days on market 1

Octagon Tower I Condo [ Condominium ]

$879,500

$715/sq ft

$500
Price Increased

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Overview

Bedroom

Bath

Year Built

1966

Garage

Sqft

1230

Property Type

Condominium

Property Description

Great second home located in front of the Miami Beach Convention Center, just two blocks to “Billionaires Beach” which sits at the heart of South Beach and walking distance to Lincoln Road which is undergoing a beautification project (see articles and links below). The unit is licensed for short term rental. Proforma gross revenue is estimated at $122K to $144K per annum (provided by two professional management firms) which translates to a 10% cap rate. Perfect for those looking to get away and clear their heads and experience a change in venue while maximizing their income. The unit features hurricane glass windows, gourmet kitchen, large master bedroom with a walking closet, modern spa style bathrooms, and may be purchased furnished. The Building’s leadership is proactive and well managed. As such planned and budgeted its future projects and took the initiative to obtain a loan and have fully funded reserves. In addition, the building has set up the budget for the SIRS requirement and funding. Ongoing building projects near completion elevator replacement and fire system. Most notable completed projects pool upgrade, electronic tele-entry access, cameras, structural review and repairs. Some future projects include hallway flooring and lobby upgrade.

Property Details

MLS#

A11944737

Garage

Unit Floor

Total Floor in Bldg

Building

Octagon Tower I Condo

Address

1881 Washington Ave

City

Miami Beach

State/county

Zip/Postal Code

33139

Area

Octagon Towers I Condo

Country

United States

HOA

Yes

Assoc Fee

$1,600

Assoc Fee Pd

Monthly

Tax Amount

$7,858

Maint Fee

$--

Tax Year

2025

Dishwasher

Dryer

Electric Water Heater

Ice Maker

Microwave

Electric Range

Refrigerator

Washer

Other View

Skyline

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