Income property in South Beach has shown a steady pattern of appreciation both in selling price and rental rates received. The area has experienced a strong migration pattern from mainland Miami, and it has also attracted many, many out of state and foreign investors. The average South Beach building is 12 units. Historic, charming buildings from the 20's, 30's, 40's, and 50's line wide boulevards and smaller side streets. Most of the District's multifamily dwellings are two or three stories, but even the sampling from the 60's and 70's are low rise offerings.
Many investors purchase the buildings for the purpose of condominium conversion.
NewStar Realty specializes in finding property that meets this need, and then assists the developer with the sale and marketing of the units. Historic hotels in the district average 50 rooms. The smaller hotel is very popular with our tourists, who prefer its Bed and Breakfast charm, combined with hotel amenities. Retail and office income property on South Beach comes at a premium. This phenomenon is due in part to the shortage of office space in South Beach.