I love Art Deco condos, and there’s one property in South Beach that doesn’t get nearly as much attention as it deserves. In fact, you may not have even heard of it — it’s called Erika, at 1601 Meridian Ave., about a block off of Lincoln Road. But despite the low name recognition among the public, any Miami Beach real estate agent knows about this condominium because it’s such a no-brainer investment opportunity. Especially for the prices these units go for.
First, a little background. Erika went up with the early Art Deco boom, but it’s one of the buildings that’s undergone a complete renovation in recent years. Erika was fully remodeled in 2015. It’s a boutique property, with only two stories and 20 units. And they’re all pretty much the same: one bedroom, one bathroom, a spacious living area and a modern kitchen with luxury appliances.
But here’s the best part: Every unit is right around $260,000-$275,000 with absolutely no rental restrictions. The maintenance fee is low, about $150 a month, which you can’t get anywhere in South Beach. And while the units themselves aren’t palaces, their location more than makes this price worth the investment. You’re right around the corner from the midway point on Lincoln Road, where people fly in from all over the world to shop, eat and go to the beach. Oh, and of course to go clubbing.
This area has seen a lot of updates in the last few years, with new retailers and restaurants coming in all the time. I live just a couple of blocks from here and my office is right up the street, so I can tell you everything you need to know about the neighborhood. Just give me a call any time, and we can talk about your next South Beach investment.
Josh Stein is a Top Producing Realtor and specializes in all areas of Miami Real Estate including Luxury Condos, Lofts, Art Deco, Pre-Construction and Penthouses.
Visit http://www.joshsteinrealtor.com/condo/erika or call 305 695 8257 for more info about Erika and other Miami Real Estate projects.