- For sale
Colliers, as exclusive listing broker, is pleased to present the opportunity to acquire the Malibu House apartments, a true value-add repositioning property located at 235 77th Street in North Beach just one block away from the Ocean Terrace Beach. The property sits directly on 77th Street and is located between Harding Avenue and Collins Avenue. The existing unit mix features four (4) studios and four (4) 1 bedroom / 2 bathroom units in a 2-story building with 3,520 square feet. Malibu House is centrally situated in North Beach just one block away from Ocean Terrace Beach with close proximity to many of the area’s parks, beaches, restaurants, shops and resorts.
Malibu House is an ideal investment for investors to capitalize on a true value-add deal in a strong, high barrier to entry market with significant upside potential through a couple of different investment strategies. Current ownership has in-place plans to reposition the four (4) 1-bedroom / 2-bathroom units into an additional four (4) units with 1 bathroom. Repositioning the building into 12 units at market rents will significantly increase the income on the property, therefore increasing value for the investor. The second value-add strategy is to reposition the building into short-term rental operations. Malibu House is a contributing property in the North Shore Historic District and located within the Limited Short-Term Permitted Zone of North Beach: Sec. 1420-1111 (d), therefore allowing the short-term rental use.
Offers due by: TBD