Record-breaking 1 Bedroom Rental at Marinablue
Last week, unit 1101 at Marinablue rented for $3,350 per month – crushing its own record for highest price ever paid for a 1 bedroom rental at Marinablue. Last August, the same unit rented for $3,000 per month. The 12 percent year-over-year increase in its rental price should attest to the strength and validity of the rental market in Park West. With an amazing, 30-acre park across the street, imminent groundbreaking of Miami Worldcenter, and a science museum that is slated to open next summer, the neighborhood is becoming a highly attractive place to live. The best part about setting the record is that it didn’t take long for me to locate a qualified tenant for the property. The offer that ultimately took the unit was sent to me within 24 hours of sharing the rental to my social media accounts.
Unit 1101 at Marinablue is a very special and beautiful property. It’s a fully furnished, two-story loft with 1,152 interior square feet and incredible, 18-foot glass walls providing 270-degree views of Biscayne Bay, the American Airlines Arena, Museum Park, and the Downtown Miami skyline. The uniqueness of the property has translated into an outstanding rental yield for my client. He purchased the property just last year for $475,000. After accounting for property taxes and condo dues, that translates into a a rental yield of 4.7 percent, which is unheard of for this type of property and/or these type of views.