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South Beach rental building hits the market asking $10M

South Beach rental building hits the market asking $10M
Owners are asking about $547,000 per unit
October 03, 2016 02:22PM

Alexandria SOBE and Christian Driussi, an owner

A luxury apartment complex in Miami Beach is for sale. The price tag? $9.75 million.
The Alexandria SOBE, at 1515 Euclid Avenue, is asking about $547,000 per unit. Euclide MB Investments Corp. owns the three-story community and has invested about $5 million into renovations since it paid $3.1 million to acquire it in 2010.
State records show Christian Driussi and Antonio Saladino control the ownership entity. Saladino has been described as a Swiss-Italian entrepreneur and banker, while Driussi is vice president of the Brickell Bay Office Tower.
Cushman & Wakefield’s Calum Weaver is listing the Alexandria SOBE, which has units ranging from studios to three-bedroom apartments. They feature mosaic pearl walls, polished stone flooring, Italian marble, wooden doors, and high-end bathroom fixtures, according to a press release.
The U-shaped building, built in 1937,  surrounds a private courtyard with a garden and koi point, and has a gym, sauna, steam room and common space. It’s 65 percent occupied with a 4.5 percent cap rate, according to a recent Loopnet listing.
Just last week, a short-term rental property on Ocean Drive in South Beach hit the market for $12.9 million, with redevelopment plans to upgrade it to a boutique hotel. – Katherine Kallergis

Source: The Real Deal

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