Executive Managing Director Calum Weaver, Vice Chairman Robert Given, Executive Managing Director Zachary Sackley, Executive Managing Director Troy Ballard, Senior Financial Analyst Perry Synanidis, and Senior Associate Garrett Pordes with Cushman & Wakefield’s South Florida Multifamily Investment Sales Team, will market the disposition on behalf of the seller, Y-Tech International.
“Ocean House is primed for new ownership,” said Weaver. “Collections have held firm, and the property is 97% occupied. This is such a unique asset situated on over four acres and within walking distance to the beach. More importantly, the North Beach area of Miami Beach is resurgent. The implementation of the North Beach Master Plan will transform the area and be a massive game changer for the immediate area. Smart money is investing in the area, and I expect North Beach will see more significant investment and improvements that make multifamily investments very desirable.”
The property is within walking distance to the beach, the famous Collins Avenue and an array of fine retail and dining destinations. The property also will benefit from proposed development at the North Beach Town Center, a planned mixed-use district created as part of the North Beach Master Plan. The district will notably improve the immediate surrounding area and bring new investment to the North Beach market.
In the past few years ownership has spent over $13 million on renovating the property. There is additional upside potential through converting up to 80 units to short-term rental, additional value-add potential through upgrading windows/doors, building out a marina for up to 57 boat slips, and potentially redeveloping part of the site or condominium conversion.
According to market data, Ocean House is the largest garden style apartment on Miami Beach and the second largest overall multifamily property on Miami Beach.