THE FLATS AT JEFFERSON & 17TH

Joseph Thomas, Alec Demetriou and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at Jefferson & 17th, a 20-unit apartment building located at 1685 Jefferson Avenue in (South Beach) Miami Beach, Florida.  The property is located within the CD-3 zoning district and can be repositioned as a short-term rental opportunity. 

LOCATION

The Flats at Jefferson & 17th is exceptionally well-located just one block north of Lincoln Road, one of the top retail destinations in the United States featuring over 200 retailers, restaurants and galleries.  The property is also proximate to numerous shopping, dining and entertainment attractions, including the New World Center (0.3 miles), the Miami Beach Convention Center (0.4 miles), the Miami Beach Botanical Garden (0.4 miles), The Fillmore Miami Beach at the Jackie Gleason Theater (0.5 miles), Publix Super Market (0.5 miles), the beach (0.5 miles), Flamingo Park (0.8 miles) and The Bass Museum (0.8 miles).   

The surrounding area has experienced significant development activity in recent years, with numerous properties either currently in the pipeline, under construction or recently completed, a testament to the strength of this local submarket within South Beach.  Those developments include:

• Lincoln Road – $67 Million makeover (https://www.miamitodaynews.com/2024/04/02/first-phase-of-lincoln-road-makeover-funded/)

• Miami Beach Convention Center (recent $600-million renovation)

SUBJECT PROPERTY

The Flats at Jefferson & 17th was originally constructed in 1956 and consists of 20 apartments, 8,185 square feet of adjusted building area and a 7,500-square foot lot per the Miami-Dade property appraiser.  The property currently operates as a traditional apartment building and is comprised of (18) studios and (2) one-bedroom|one-bathroom apartments.  The owners are currently in discussion with a low income housing provider, which will master lease the property for $36,000 per month.  However, as 1685 Jefferson Avenue is not a contributing historic building and given its location within the CD-3 zoning district, an incoming investor has multiple options to reposition the property. 

The CD-3 zoning area is designated as the “Commercial, High-Intensity District” in the City of Miami Beach.  The code allows for a variety of uses, including apartments, apartment hotels, hotels, hostels, and suite hotels (pursuant to section 142-1105), alcoholic beverage establishments (pursuant to Chapter 6) and religious institutions with occupancy of 199 persons or less.  The maximum FAR is 2.25, which would allow for up to 16,875 total square feet, while maximum height is set at 75 feet. 

SUMMARY

The Flats at Jefferson & 17th is being offered for sale free and clear of debt at $5,200,000.