Skip to main content Skip to footer

Colliers International Florida Appointed to Sell $6.9M Multifamily Portfolio in North Beach

MIAMI (Feb. 15, 2020) – With the recently designated North Beach District Master Plan kick-starting a renaissance for one of the most dynamic ocean-front communities in Miami Beach, coupled with North Beach’s character and appeal, Colliers International Florida is pleased to announce that Director Mitash Kripalani along with his team of Gerard Yetming, Virgilio Fernandez and Brittany Schillinger have been appointed to lead the sale of a $6.9 million portfolio of two multifamily properties in North Beach.

Currently operating as strong income-producing short-term rentals, the North Beach Portfolio is located at 7610 and 8040 Harding Avenue and consists of two recently renovated multifamily buildings with 19 units combined. Built in the 1950s, the North Beach Portfolio offers a charming boutique atmosphere in Miami Beach. Both properties were recently renovated with modern interiors and finishes including kitchens, impact windows, bathrooms and wooden flooring.

Featuring 11 apartments ranging from one-, two- and three-bedroom units, 7610 Harding Avenue offers a turnkey investment opportunity with fully furnished spacious layouts. The property sits on 11,000 square feet and features 6,830 square feet of living area. The property is listed for $3.75 million.

8040 Harding Avenue features eight units ranging from one- and two-bedroom apartments with an average unit size of 730 square feet. The property sits on 5,500 square feet with 5,800 square feet of living area steps from the beach. The property is listed for $3.15 million.

“Short-term rentals are a new asset class – part multifamily, part hospitality. The societal shift to a sharing economy and new technological platforms such as Airbnb, VRBO and Booking.com have converged to create tremendous opportunities for income generation that did not previously exist. The North Beach Portfolio is a perfect opportunity for investors to capitalize on the irreversible growing trends that the short-term rental asset class is presenting to society,” said Kripalani. “With zoning and permits allowing for this use without the risks of hefty fines, future real estate development potential positions this property as covered land play that generates tremendous current income as North Beach ushers in a new era.”

Known as the cultural center of Miami, Miami Beach is a notable tourist destination with rich culture, art and history. North Beach continues to experience robust growth with more than 75,114 residents calling the area their home and an average $98,587 average household income in 2019. The area presents the opportunity to combine the charming small-town feel and the history of MiMo (Miami Modern) with the trendiness of South Beach and the family and tourist imprints of Mid-Beach. With the recently designated North Beach District Master Plan initiating re-development, the community’s planners and its residents are coming together to revitalize North Beach into a vibrant walkable community that celebrates its history and that will attract new residents, locals and tourists.

For more information, please email Mitash Kripalani at mitash.kripalani@colliers.com or call 786-271-5598.


Related Experts

Mitash Kripalani

Managing Director - Investment Services

Miami

As a Director of Investment Services in the Miami office of Colliers International South Florida, I specialize in capital markets with a focus on multifamily, land deals and investment sales.  Servicing core South Florida markets.

I have more than a decade of commercial real estate experience. Prior to joining Colliers, I was with the Douglas Elliman Commercial Division in South Florida. I have also spearheaded numerous multi-million dollar Multifamily and condominium conversion projects and completed investment sales across the State of Florida. Our team specializes in multifamily properties, covered land, off-market sales, and assemblages across core South Florida neighborhoods.

I have earned the prestigious Certified Commercial Investment Member (CCIM) designation and currently serve as the Chapter President of the  Miami Dade/Monroe District Board of Directors for the CCIM. The Certified Commercial Investment Member (CCIM) Institute was established in 1954 to give commercial real estate practitioners a previously unrealized opportunity to further their business practices through focused education and networking opportunities. Only six percent of all commercial real estate practitioners - approximately 13,000 professionals - hold the respected CCIM designation across North America, and in more than 30 nations overseas.

I am passionate about giving back to the community by volunteering and being involved in professional organizations and a recent graduate of the Leadership Miami Program through the Greater Miami Chamber of Commerce. 

 

View expert