Charming 1BD Miami Beach Art Deco Condo – Miami Beach, renowned for its tropical charm, vibrant lifestyle, and stunning coastline, is home to some of the most unique properties in the United States. The Art Deco District in South Beach (SoBe) offers a rare blend of historical charm and modern amenities, making it a highly sought-after destination for homebuyers, investors, and vacationers alike. The newly listed condominium at 551 Michigan Ave #123 is a prime example of how a classic Miami Beach property can balance modern luxury with timeless elegance. With a competitive price, strategic location, and appealing amenities, this one-bedroom unit offers an exciting opportunity in one of the most iconic neighborhoods in the world.
Property Overview: 551 Michigan Ave #123
Location and Architectural Heritage
Situated in Miami Beach’s famous Art Deco District, 551 Michigan Ave #123 is part of a historic building that has been beautifully preserved and updated to reflect contemporary tastes without losing its original charm. This condo offers a slice of Miami’s history in a highly desirable location, just steps away from the vibrant energy of Ocean Drive, with its iconic pastel-colored buildings, world-class restaurants, and bustling nightlife.
Unit Details: Modern Charm with Historic Appeal
This 504-square-foot condo, offering 1 bedroom and 1 bathroom, is an ideal size for single professionals, couples, or investors looking for a turnkey vacation rental. The unit has been tastefully remodeled to incorporate modern finishes, including stainless steel appliances, updated plumbing and electrical systems, and durable wooden floors. Additionally, the property features hurricane impact windows, a crucial benefit in South Florida, providing peace of mind during hurricane season.
Although thoroughly updated, the unit retains the distinctive Art Deco character that makes the neighborhood so unique. Details like the Second Floor Entry and Living/Dining Room area add to the cozy, efficient layout. With its modern kitchen and spacious bath, 551 Michigan Ave #123 offers a stylish and comfortable living experience right in the heart of SoBe.
Price and Investment Potential
Listed at $274,900, with a recent price reduction from $275,000, this condo is competitively priced in the Miami Beach market. Its affordability and prime location make it an attractive choice for first-time buyers, investors, and vacation home seekers. The condo’s current price per square foot is $545, positioning it as a favorable option compared to other Miami Beach properties. Additionally, the building allows leasing during the first year, which opens up opportunities for short-term or vacation rentals, creating potential for an immediate return on investment.
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In-Depth Property Features
Interior Design and Finishes
The unit’s design is both functional and stylish, offering a Second Floor Entry and a layout that maximizes space without compromising on comfort. The open Living/Dining Room area provides a welcoming space for relaxation or entertainment, while the bathroom features a tub shower, blending practicality with modern design. Flooring throughout the unit is a combination of tile and wood, ensuring durability and easy maintenance while adding a touch of sophistication to each room.
The Italian-style kitchen is a standout feature, with stainless steel appliances, ample cabinet space, and a streamlined layout that makes cooking enjoyable. Thoughtfully designed to meet the needs of modern residents, this kitchen complements the Art Deco aesthetic while providing everything needed for a modern lifestyle.
Building and Community Amenities
Living at 551 Michigan Ave #123 offers a mix of privacy, security, and community perks. The building is securely fenced and features key-card entry, giving residents additional peace of mind. Outdoor enthusiasts will appreciate the property’s balcony, courtyard, and lush fruit trees, perfect for enjoying Miami’s tropical climate.
While the unit does not come with its own laundry facilities, the common area laundry offers a convenient solution. Other amenities include cable access and a secure gate, enhancing the living experience for residents and their guests.
Neighborhood Overview: Miami Beach Art Deco condo
Art Deco District
The Art Deco District is celebrated worldwide for its unique architecture, vibrant history, and cultural richness. The area’s distinctive buildings, with their pastel colors, porthole windows, and geometric lines, capture the essence of Miami Beach. Living in this district means experiencing an immersive blend of history, culture, and modern luxury, with buildings dating back to the 1930s and 40s, including the one at 551 Michigan Ave.
Nearby Attractions and Lifestyle Benefits
Located in the heart of South Beach (SoBe), 551 Michigan Ave is within walking distance of some of Miami Beach’s most famous attractions. Residents can enjoy easy access to nearby beaches, high-end dining establishments, trendy cafes, and the electric nightlife scene that makes South Beach one of the top tourist destinations in the world. For those who enjoy shopping, Lincoln Road and Collins Avenue are filled with boutique shops, designer stores, and artisanal markets, perfect for a day out or evening stroll.
Walkability and Transportation
This property boasts an impressive Walk Score of 95 and a Bike Score of 99, meaning that daily errands, leisure activities, and transportation needs can easily be met on foot or by bike. With a Transit Score of 81, the condo is also well-connected to public transportation, providing convenient access to other areas of Miami and surrounding cities.
Financial Aspects and Monthly Costs
Price Per Square Foot and Market Comparisons
At $545 per square foot, 551 Michigan Ave #123 is attractively priced, especially considering the demand for Miami Beach properties and the unique historical value of the Art Deco District. Buyers can view this property as a strong investment compared to other listings in the area, which may be priced higher per square foot.
HOA and Monthly Fees
The HOA fee of $580 per month includes essential utilities and services, such as hot water, laundry, maintenance grounds, pest control, sewer, trash, and water. This fee simplifies costs for residents, offering services that ensure a well-maintained building and grounds. These fees are on par with other condominiums in the Miami Beach area, especially those in historic districts where additional maintenance is required to preserve the building’s unique character.
Estimated Monthly Cost and Financing Options
Based on the listed price and estimated monthly expenses, buyers can anticipate a monthly cost of approximately $2,535, which includes HOA fees, mortgage payments, and other associated costs. Financing options include cash, conventional, and FHA loans, providing flexibility for different types of buyers, from investors to vacation home purchasers.
The Investment Potential of Miami Beach Real Estate
Appreciation and Rental Income
Miami Beach’s real estate market is consistently growing, with property values steadily appreciating due to demand from both national and international buyers. With the possibility of leasing from the first year, this condo offers excellent rental income potential, whether for long-term leases or short-term vacation rentals. The demand for vacation rentals in Miami Beach is high, especially in iconic areas like the Art Deco District, providing a lucrative opportunity for investors.
Dual Benefits of Ownership
Owning a property like 551 Michigan Ave #123 allows buyers to enjoy a vacation lifestyle while potentially earning rental income during periods when the property is not in use. This makes it an appealing investment for buyers who want to balance personal enjoyment with financial growth.
Educational Facilities and Schools Nearby
Miami Beach is also known for its reputable educational institutions. Nearby schools include South Pointe Elementary School, Nautilus Middle School, and Miami Beach High School, each of which is well-regarded within the Miami-Dade County school system. For families with young children, these schools offer excellent educational resources and are conveniently located within short distances from the condo.
Tips for Buyers Interested in Miami Beach Condominiums
Unique Challenges and Benefits
Buying a historic Miami Beach property like 551 Michigan Ave #123 offers numerous benefits but also requires consideration of specific factors. With hurricane impact windows and sturdy construction, this condo meets South Florida’s strict hurricane readiness standards, a major plus in terms of durability and safety. However, buyers should consider HOA regulations, especially those related to building preservation, as these can affect remodeling options.
Working with Local Experts
Miami Beach is a unique real estate market that benefits from local expertise. Working with an agent familiar with Miami Beach’s neighborhoods, especially the Art Deco District, can help buyers understand the market and make informed decisions. For first-time buyers, resources like mortgage calculators, Miami-Dade tax information, and legal guidance can streamline the purchasing process.
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Conclusion: Why 551 Michigan Ave #123 is a Smart Investment in SoBe’s Art Deco District
In summary, 551 Michigan Ave #123 offers a rare opportunity to own a piece of Miami Beach’s iconic history while enjoying modern comforts and conveniences. This thoughtfully updated condo provides charm, style, and value in one of the most desirable neighborhoods in Miami Beach. For anyone considering a home in South Beach, whether as an investment, vacation property, or year-round residence, this property stands out as a true gem in the heart of the Art Deco District.
Whether you’re drawn by the neighborhood’s historic charm, the property’s investment potential, or the lifestyle benefits of living in Miami Beach, 551 Michigan Ave #123 delivers on all fronts. Don’t miss the opportunity to own a part of Miami’s Art Deco heritage while enjoying the perks of modern living in this exceptional South Beach location.
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