25 Unit Short-Term Rental /Lodging enabled Architectural Masterpiece in North Beach/

The Historic Jerrico Apartments, a 25 Unit Short-Term Rental/Lodging enabled and Architectural Masterpiece in North Beach. This MiMo jewel by renowned architect Tony Sherman has twenty 1-bedroom units, most with a flex space ample enough for an extra bedroom and 6 studios, a lush common area central courtyard, and an underutilized preexisting rooftop deck with views of the surrounding scene. Miami Beach strictly regulates short-term rentals, but this site provides one of the exceedingly rare opportunities to operate a fully legal and zoned short-term rental, AirBNB, for lodging use.

Several significant capital improvements have been recently completed, including replacing all windows and doors with high-end impact glass, new A/Cs, structural railings, and main electrical panel, all fully permitted. The North Beach CRA is offering various initiatives and grants to facilitate property improvements, and the City of Miami Beach is offering tax incentives for historic preservation as well. North Beach is a hidden gem surrounded by upscale Bal Harbor to the north, North Bay Village to the west and world famous South Beach to the south. It has all the amenities of the beach, stunning architecture, and excitement, while retaining an element of affordability.

Although the area is still far from its full potential, it has already attracted big-name illustrious developers such as Optimum Development USA with the recently completed Monaco Yacht Club and Residence, Galbut, Cohen, Lefferts, Shcer, Finvarb, Mehrabi, and Blavatnik, with 600 condos, 100+ apartments, and retail in progress. Get in now while values are still manageable and before they reach dizzying heights. Short-Term Rental operation, without any significant renovations, can yield over $900k/yr NOI, while a more intensive lux hotel re-positioning can easily yield double that figure.