The owner of a 55-year-old apartment complex overlooking Biscayne Bay near Miami wants to sell, hoping to capitalize on a seemingly insatiable demand for waterfront properties in land-constrained South Florida.
The 27-unit Mid Bay Club Apartments at 11950 N. Bayshore Drive in North Miami, Florida, does not have an asking price, but listing broker Mika Mattingly of Colliers International said she expects the 34,275-square-foot property to fetch more than $16 million. She plans to market it into 2020 and call for bids in February.
Mid Bay Club, built in 1964, has more than 200 feet of water frontage. Zoning allows for a redevelopment of up to 90 units over 11 stories, though a buyer could seek a zoning designation that may double the height, Mattingly noted.
An entity tied to William Prevatel of North Miami bought the three-story multifamily building for $2.4 million back in 2003, CoStar records show.
“They’ve held it for quite a long period of time, and it’s just time for them to sell,” Mattingly said in an interview.
Much of metropolitan Miami is wedged between the Atlantic Ocean and the Everglades, leading to severe land shortages across the region. As a result, builders are looking to golf courses and older commercial properties for redevelopment opportunities.
Mid Bay Club's average monthly asking rent is $1,329, according to CoStar data. South Florida real estate consultant Jack McCabe said that a buyer almost certainly will knock down the building for a luxury project, displacing existing residents who have enjoyed a relatively affordable waterfront lifestyle.
"This is just another example that those days have gone by," he said.
Aside from the waterfront location, the property is attractive because the apartments can continue generating income while a buyer works on a plan for the site, Mattingly said.
North Miami, a city of about 62,000 residents, is part of the North Miami Beach market, which has a mix of luxury coastal and blue-collar properties, according to the latest report from CoStar Market Analytics. Average asking rents are among the lowest in the region, at about $1,350 per month, but have risen by 2.2% in the past year and posted an average annual gain of 2.6% in the past three years, the report stated.
https://product.costar.com/home/news/238543228
