945 Michigan Ave 5, Miami Beach, FL 33139 — MLS photo

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945 Michigan Ave 5, Miami Beach, FL 33139

Active · Condominium

$599,000

945 Michigan Ave 5, Miami Beach, FL 33139

Beds
2
Baths
2
Living area
976 sq ft
$ / sq ft
$614/sq ft
Year built
2007
Lot size
—
HOA fee
$1,456 Monthly
Annual tax
$6,685

About this property

This condo it is rented till August 2027. Amazing Opportunity in Miami Beach!Why should I buy this condo? Rare chance to own one of the best values currently available in the area. Built in 2007, this newer boutique building offers features that are difficult to find at this price point.Association requirements are buyer-friendly with no minimum credit score requirement, no income verification requirement, and no minimum down payment requirement imposed by the association. Unlike many buildings in the area, you don't need a large down payment to buy. Qualified buyers may finance with as little as 3%-5% down, potentially saving tens of thousands of dollars compared to condos requiring 20%-25% or more down. Many condos in the same price range are located in much older buildings dating back to the 1950s, while this property combines modern construction with extensive recent building improvements. The building features assigned indoor parking, two beautiful rooftop terraces, impact windows and doors, and has recently completed major upgrades including building recertification/inspection, concrete restoration work, new roof, and a complete interior and exterior repainting. Inside, the unit has been updated with brand-new flooring in both bedrooms, a new A/C unit, and includes a washer, dryer, dishwasher, and more. Spacious layout, modern construction, and a prime Miami Beach location make this an exceptional value ! Schedule your showing today.

Property location

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945 Michigan Ave 5, Miami Beach, FL 33139

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Facts & features

Interior

Bedrooms
2
Bathrooms
2
Living area
976 sq ft
Flooring
Hardwood, Tile, Wood
Appliances
Dryer, Dishwasher, Electric Range, Electric Water Heater, Disposal, Microwave, Refrigerator, Washer
Cooling
Electric
Heating
Electric
Interior features
Other, Elevator

Exterior & Structure

Property type
Condominium
Year built
2007
Stories
4
Architectural style
None
Construction
CBSConcrete Block Structure, Block
Exterior features
Balcony, Security High Impact Doors
View
Garden

Parking

Garage spaces
1
Covered spaces
1
Parking features
Attached, Underground, Garage, One Space, Garage Door Opener

HOA, Community & Financials

Association fee
$1,456 Monthly
Fee inclusions
Insurance, Maintenance Grounds, Maintenance Structure, Reserve Fund, Roof, Sewer, Trash, Water
Amenities
Elevators
Security
Secured Garage Parking, Phone Entry, Smoke Detectors
Pets allowed
Conditional, Yes
Annual tax
$6,685
Subdivision
THE TERRACE CONDO
County
Miami-Dade
Days on market
81
MLS listing ID
A12029487
Listing status
Active

Investment intelligence

Yield & ROI calculator

Pre-filled from this listing's price, HOA and tax record. Adjust anything to see returns update instantly.

Estimated monthly cash flow

-$2,138

Cap rate
1.4%
Net yield
1.4%
Cash-on-cash return
-15.3%
Gross yield
6.8%
Mortgage payment
$2,840/mo
Down payment
$149,750
Loan amount
$449,250
Annual NOI
$8,413

Estimates only — includes 5% maintenance reserve and ~3% closing costs in cash invested. Verify taxes, HOA and insurance before making an offer.