SPACE 01 Loft Package Sale with an Easy Rent or 'Flip' Potential.

Space 01 Package Sale.

The name says it all with 1,800+ loft area living space and the type of raw, open real estate you either love or hate. I’ve always been a fan of this property so thought it would be informative to promote it here… I came across an incredible deal at Space 01 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 is a really great opportunity that 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 immitate 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 solid discount. One is on the 5th floor (corner), a very desirable unit offering a huge terrace (~400 SqFt) and asking $275k (not yet on market). Rental income per unit is a very fast $1,700 month income to $2,000 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 ie. $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.

Space 01 Condos were built in 2006 on the Miami Beach island of North Bay Village. Compromised of only 54 total units and a unique 12′ ceiling loft concept, Space 01 is a true Miami loft building. These large loft spaces come with 2 garage parking spaces and boasts 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 to with the second bathroom in which many unit owners turn this into a childs 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. 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 major turnaround has occurred since it’s 2006 inception with speculators losing their “space” and riding high in foreclosure reality from $500k-$650,000 as 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 so Space 01 should have corrected itself as there have been foreclosed units (now absorbed) and delinquent maintenance fees (Maintenance increased to $675 to compensate) for some time. I’m very confident in this property producing great returns as long term hold with $106 per square foot being WAY below reproduction costs. The interior seems to make up for this terrace discrepancy as you see in these photographs.