1321 15th St.
Reposition apartments, quarterly income grows
Flamingo 9BR/7,500 sqft 1951 multifamily-style building positioned for value-add repositioning.
Value-add strategy on a 9-bedroom, 6-bath building totaling 7,500 square feet (built 1951) at 1321 15th Street in Miami Beach, Florida, within inland Flamingo. The configuration supports a multifamily-style operation across the unit layout, and the strategy underwrites repositioning into the updated-unit comparable set for inland Flamingo multifamily. Pricing verification is pending, which disciplines the underwriting: entry basis must be established before committing renovation capital. The value-add thesis centers on unit modernization (kitchens, baths, flooring, finish package), common-area and exterior positioning, and rent repositioning aligned to updated comparables in the Flamingo submarket. The 1951 structure will likely require targeted envelope and systems updates alongside the finish program. Hold duration is expected to span renovation, stabilization, and a hold-for-yield window. Capital deployment covers design, permitting, unit-level renovation across the 9-bedroom configuration, systems and envelope updates as needed, common-area refresh, and operational positioning. Returns are targeted from the NOI uplift attributable to the repositioning and the associated valuation effect at stabilization, with entry-basis verification as a threshold condition before renovation capital is committed. The inland Flamingo location supports a basis per door at a meaningful discount to oceanfront multifamily, while rent progression in the submarket is driven by unit specification more than address.
- Address
- 1321 15th St.
- City
- Miami Beach, FL
- ZIP
- 33139
- Beds
- 9
- Baths
- 6
- Living sqft
- 7,500
- Lot sqft
- 7,448
- Year built
- 1951
- Waterfront
- NONE
- Flamingo-Lummus
Value-add economics model using acquisition basis, improvement envelope, maturity, and downside/upside stabilized-value scenarios. Detailed sponsor line items are shown when a full proforma is available.
Source: strategy economics model · figures are forward-looking estimates · not a guarantee of return