Space 01 Loft Package Sale

Space 01 lofts in North Bay Village have a package sale opportunity. The name says it all! With 1,800+ loft area living spaces and the type of raw, open real estate you either love or hate. I’ve always been a fan of this property, so I thought it would be informative to promote it here… I came across an incredible deal at Space 01 lofts last week, and it’s not yet (until now) being marketed… Either a single unit sale on a 7th floor (2/2) just under $200k or an investor package deal at 5 units for $200k each ($1M).

This fantastic opportunity appears to be a distressed sale with the owner ready to let them go at a low ‘package deal’ price. True creative loft space that many developers tried to imitate during the boom and priced to sell even at the $250,000 (today’s market value price) yet has the potential to be purchased at this substantial discount. One is on the 5th floor (corner), a very desirable unit offering a colossal terrace (~400 SqFt) and asking $275k (not yet on the market). Rental income per unit is a speedy $ 1,700-month income to $2,000 per month when finished correctly inside!

2008 Taxes ~$9,353. Taxes pro-rated year 1 at 2008 figures and lowered substantially on year 2 at ~2% sale price plus factoring neighboring sales i.e., $4,200-5,800/year estimate)
Maintenance $675 x 12 = $8,100 year
Total Est. Yearly Expense = $17,453
Rental Income $1,900 x 12 = $22,800
Immediate ‘flip potential’ at $250k-$259,000

Space 01 Condos North Bay Village

Space 01 Condos were built in 2006 on the Miami Beach island of North Bay Village. Compromised of only 54 total loft units and a unique 12′ ceiling loft concept. Space 01 is an authentic Miami loft building. These large loft spaces come with 2 garage parking spaces and boast 1,880 square feet with open & unobstructed Biscayne Bay views, Snaidero kitchen cabinets, Miele & Subzero appliances, plus an elevated jacuzzi bathtub gazing over Biscayne Bay’s exceptional water views. When you walk into the residence, there is a small room with a second bathroom which many unit owners turn into a child’s room, den, or office. The large hurricane-impact glass windows span the interior and open up (see below) to the breezes outside. Amenities include a large fitness center with a rooftop pool & hot tub overlooking the entire Island vicinity.

Space 01 Concerns

There are 2 personal negatives on the Space 01 property, which include a catwalk-style entryway to your condo and no terraces other than these special 5th-floor units, which offer ample terrace space. As for the project itself, a significant turnaround has occurred since its 2006 inception, with speculators losing their “space” and riding high in foreclosure reality from $500k-$650,000 as the original purchase price, now down to $250,000 which is where the recent bank-owned (sold & pending comps) have turned.

The board recently hired Keystone management as property managers. Space 01 should now have corrected itself. There have been several foreclosed units sold and delinquent maintenance fees are in the process of being paid. The maintenance increased to $675 to compensate for pending issues. I’m very confident in this property producing great returns as a long-term hold, with $106 per square foot being WAY below reproduction costs. The interior makes up for this terrace discrepancy, as seen in these photographs. Contact me for more information on Space 01 lofts in North Bay Village.