1881 Washington Ave #5H
Overview
Great second home located in front of the Miami Beach Convention Center, just two blocks to “Billionaires Beach” which sits at the heart of South Beach and walking distance to Lincoln Road which is undergoing a beautification project (see articles and links below). The unit is licensed for short term rental. Proforma gross revenue is estimated at $122K to $144K per annum (provided by two professional management firms) which translates to a 10% cap rate. Perfect for those looking to get away and clear their heads and experience a change in venue while maximizing their income. The unit features hurricane glass windows, gourmet kitchen, large master bedroom with a walking closet, modern spa style bathrooms, and may be purchased furnished. The Building’s leadership is proactive and well managed. As such planned and budgeted its future projects and took the initiative to obtain a loan and have fully funded reserves. In addition, the building has set up the budget for the SIRS requirement and funding. Ongoing building projects near completion elevator replacement and fire system. Most notable completed projects pool upgrade, electronic tele-entry access, cameras, structural review and repairs. Some future projects include hallway flooring and lobby upgrade.
Property Details
- MLS#A11944737
- Home TypeCondominium
- Year Built1966
- Interior1,230 SqFt
- Price / sqft$715
- Listed2026-01-14
- Days on Market139
- BuildingOctagon Tower I Condo
- SubdivisionOCTAGON TOWERS I CONDO
- CountyMiami-Dade County
- Garage1 spaces
- Annual Taxes$7,858 (2025)
- HOA$1,600/Monthly
- Original Price$879,000
Features & Amenities
- Interior FeaturesCloset Cabinetry, Fire Sprinklers, French Doors, Split Bedroom, Walk-In Closet(s)
- Exterior FeaturesEast Of Us1, Other
- AppliancesDishwasher, Dryer, Electric Water Heater, Ice Maker, Microwave, Electric Range, Refrigerator, Washer
- FlooringTile
- CoolingCentral Air
- HeatingCentral
- ConstructionConcrete Block Construction
- SecurityFire Sprinklers, Fire Alarm, Smoke Detector, Doorman, Phone Entry, Lobby Secured, Other
- Parking1 Space
- LaundryWasher/Dryer Hook-Up
- ViewOther View, Skyline
- Architectural StyleHigh Rise
Schools
- Middle SchoolNautilus
- High SchoolMiami Beach
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Map & Neighborhood
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