A unique 20-unit multifamily building located at 1175 98th St in Bay Harbor Islands has been sold for a total price of $7,800,000. The property, situated on a desirable redevelopment corner site, spans a total of 19,321 square feet with a price per square foot of $404. Each unit was sold at an average price of $390,000. The transaction took place on November 18, 2022, and was facilitated by The Rente Group as the buyer.

Summary of transaction details

• Property Type: Redevelopment Site
• Transaction Amount: $7,800,000
• Market: Bay Harbor Islands
• Square Footage: 19,321
• Price Per Square Foot: $404
• Unit: 20
• Price Per Unit: $390,000

The buyer, The Rente Group, was represented by Josef Amir and Lior Avital from their own agency, The Rente Group. On the other hand, the seller's representative was Miguel Serrano, PLLC, affiliated with Douglas Elliman. Miguel Serrano is an experienced agent specialized in high-end luxury real estate in Miami, Fort Lauderdale, and Palm Beach, Florida. With over 25 years of experience, he provides valuable expertise to his high-net-worth clientele, particularly in complex spec projects, new construction estates, and commercial properties.

This transaction presents a rare opportunity for investors due to the property's extensive renovation and desirable location. The building, equipped with modern amenities, is located just steps away from the Kane Concourse main street and offers a significant number of parking spaces, with 27 street parkings. Its strategic positioning on a redevelopment corner site adds to its appeal.