What I especially like about this latest bank approved condo is that it represents a genuine VALUE for the savvy real estate investor or potential owner/user. This price point represents a value that is FAR below replacement cost. The annual rental income on this premier luxury Miami Beach condo is approx. $4,500/month for short term rentals (High Season) and $3,200/month for annual rentals (Low Season). The Bentley Bay offers incredible unobstructed views of both the downtown Miami skyline, Biscayne Bay, and the Ocean.
The Bentley Bay condo was completed in 2005 (with subsequent bank supervised rehab of balconies) and is a boutique building located just North of Fifth Street. Offering direct and easy access to all major expressways, it is considered the gateway to South Beach. The downside to the Bentley Bay - the relatively high maintenance fees (due to having two towers and relative small number of units), but I believe that the flexible rental policy and the premier waterfront location in the heart of South Beach make up for this. Also, the planned retail development by Crescent Heights on 6th Alton as well as the 5th and Alton Shopping Center will completely transform the neighborhood over the next few years.
Bank Approved Price: $500,000
Previous Sales Price (comp units): $1,150,000
Bedroom: 2
Bathroom: 2
Today's Price/S.F.: $400/S.F.
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