Description

INVESTOR OPPORTUNITY — STEPS FROM THE BEACH!
Vacant and unfurnished updated studio in the heart of South Beach, offering an excellent cash-flow investment with an estimated ~10% cap rate under current long-term rental guidelines. Located in a well-maintained building that has passed its 40-Year Recertification.

Offered at $159,000 with HOA of $481/month (paid annually). Approximately $700,000 in capital improvements completed over the last five years, including electrical, structural, and roof upgrades — all fully assessed. HOA includes all standard insurance, including wind. Building is quiet, secure, and professionally managed.

The unit features two separate entrances, including a private street entrance, increasing tenant appeal. Short-term rentals and Airbnb are not permitted; however, the building allows long-term rentals with a minimum of two leases per year, providing stable and predictable income.

With the unit vacant and rent-ready, this is an ideal opportunity for investors seeking immediate placement, strong returns, and low future capital risk in one of Miami Beach’s most desirable locations.

Cash only purchase.

Address

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Address: Pennsylvania Ave
City: Miami Beach
State/county: Miami-Dade County
Zip/Postal Code: 33139
Area: PENN ELEVEN CO-OP

Details

Updated on December 24, 2025 at 6:01 am

Property ID A11839216
Price $159,000
Property Size 380 Square Feet
Bedroom 0
Bathroom 1
Garage 0
Year Built 1962
Type Stock Cooperative
Property Status Residential

Additional details

ArchitecturalStyle Garden Apartment
AssociationAmenities None
AssociationFee 481
AssociationFeeFrequency Monthly
BathroomsFull 1
BathroomsHalf 0
BuildingAreaTotal 380
BuildingAreaUnits Square Feet
BuildingName Penn Eleven Condominiums
CarportSpaces 0
ConstructionMaterials CBS Construction
ContractStatusChangeDate 2025-07-12
Cooling Wall/Window Unit(s)
CoveredSpaces 0
DaysOnMarket 161
EntryLevel 1
ExpirationDate 2026-01-07
Furnished Furnished
Heating Window/Wall
InternetAddressDisplayYN 1
InternetEntireListingDisplayYN 1
LaundryFeatures Common Area
ListAOR A-Miami Association of REALTORS
ListAgentDirectPhone 801-687-4467
ListingTerms All Cash
LotSizeSquareFeet 0
MLSAreaMajor Penn Eleven Co-op
MajorChangeTimestamp December 23, 2025 at 06:47pm
MajorChangeType Back On Market
MlsStatus Active
ModificationTimestamp December 24, 2025 at 03:18am
OnMarketDate 2025-07-12
OriginalEntryTimestamp July 12, 2025 at 02:43pm
OriginalListPrice 175000
OriginatingSystemID miamire
OriginatingSystemKey miamire
OriginatingSystemName Miami Association of REALTORS®
OtherExpense 0
ParcelNumber 02-42-03-084-0040
ParkingFeatures On Street
PetsAllowed No
PhotosChangeTimestamp November 20, 2025 at 06:44pm
PhotosCount 12
PostalCodePlus4 4950
PreviousListPrice 165000
PriceChangeTimestamp October 7, 2025 at 02:17pm
PublicSurveyRange 42
PublicSurveySection 3
PublicSurveyTownship 42
RoomsTotal 0
SecurityFeatures Other
ShowingContactType Agent
ShowingInstructions Appointment Only, Call Listing Agent, Showing Assist
SourceSystemKey 417869343
StateOrProvince FL
StatusChangeTimestamp December 23, 2025 at 06:47pm
StoriesTotal 2
StreetName Pennsylvania Ave
StreetNumber 1060
StreetNumberNumeric 1060
StructureType Co-Op 1-4 Stories, Co-Op
SyndicationRemarks INVESTOR OPPORTUNITY — STEPS FROM THE BEACH! Vacant and unfurnished updated studio in the heart of South Beach, offering an excellent cash-flow investment with an estimated ~10% cap rate under current long-term rental guidelines. Located in a well-maintained building that has passed its 40-Year Recertification. Offered at $159, 000 with HOA of $481/month (paid annually). Approximately $700, 000 in capital improvements completed over the last five years, including electrical, structural, and roof upgrades — all fully assessed. HOA includes all standard insurance, including wind. Building is quiet, secure, and professionally managed. The unit features two separate entrances, including a private street entrance, increasing tenant appeal. Short-term rentals and Airbnb are not permitted; however, the building allows long-term rentals with a minimum of two leases per year, providing stable and predictable income. With the unit vacant and rent-ready, this is an ideal opportunity for investors seeking immediate placement, strong returns, and low future capital risk in one of Miami Beach’s most desirable locations. Cash only purchase.
TaxAnnualAmount 1114
TaxLegalDescription PENN ELEVEN CO-OP OCEAN BEACH ADDN NO 3 PB 2-81 LOTS 1 & 2 BLK 43 1 VOTE OF 35 OR 16690-2300 0295 1 COC 25765-1006 02 2007 5
TaxYear 2024
UnitNumber 4
View Garden View
YearBuiltDetails Resale