Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced a substantial price reduction for the property located on 200-212 Collins Avenue, a 20-unit apartment building and the adjacent 5,500 square feet commercial property located in Miami Beach, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. Originally listed for $16 million, the asset is currently being offered for $10,450,000.
200-212 Collins Avenue is located within the prestigious South of Fifth neighborhood, this is one of the area’s most prominent corners featuring unrestricted views. In addition, the property is within feet of the Atlantic’s sunny beaches, and just a couple of blocks from the beautiful South Pointe Park, a 17-acre waterfront park and pier.
Zoned RPS-3, this highly desirable trophy site is qualified to obtain a short-term rental license which legally allows rental terms shorter than six months. By operating the property in this manner, the owner can take advantage of the hundreds of thousands of tourists who visit Miami Beach each year. It’s calculated that about 667,200 travelers who visited Miami-Dade in 2017 stayed at Airbnb rentals, the platform said. In Miami-Dade, hosts who rent either a room in their home or their entire property on the Airbnb site, earned a combined $134.6 million in 2017. The short-term rental industry has become a staple of Miami Beach tourism but It’s important to note that a large portion of the existing short-term rental hosts are doing so illegally. In 2016, Miami Beach imposed $20,000 in fines on illegal short-term rental hosts.
Alex D. Zylberglait and Francisco Baserva, investment specialists in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller, a private investor.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
