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Buildings/South Beach/WEST BAY PLAZA

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WEST BAY PLAZA

West Bay Plaza

1688 West Avenue, Miami Beach 33139

1995

Year Built

113

Units

For Sale

$695K

Avg Price

$487

Sale $/SF

For Rent

$3,900

Avg Rent

$3.99

Rent $/SF

-2.1%

YoY

For Sale

For Rent

Investor-Owned

52%

Avg HOA

$994/mo

West Bay Plaza is a 113-unit residential building located at 1688 West Avenue in South Beach, Miami Beach. Built in 1995, the building offers a range of floor plans from 1 to 3 bedrooms spanning 750 to 1,930 square feet, catering to both residents and investors. With an average rental rate of $3,488 per month and pricing around $227 per square foot, it represents a standard-tier offering in the South Beach market.

Building Details

Address

1688 West Avenue, Miami Beach, 33139

Neighborhood

South Beach

Year Built

1995

Total Units

113

Avg Unit Sqft

985 SF

Tier

Premium

Avg $/SF

$486.67

Avg Rent

$3,900/mo

Rent $/SF

$3.99/SF

HOA Range

$890 – $1,325

Neighborhood Rank

Top 22%

Avg Unit Value

$439K

Total Sales (All-Time)

373

Amenities

ElevatorLobbyParkingSecurity

Investment Analysis

Yield Metrics

Rental Yield (annualized)12.8%

YoY Appreciation-2.1%

Total Yield115.0%

Median Rent$3,900/mo

YoY Rent Change+2.6%

Liquidity & Demand

Closed Sales (120d)1

Days on Market136 days

Months of Inventory36.0

Sale-to-List Ratio0.9%

Price Reduction Rate100%

Investor-Owned52%

For Sale6

For Rent6

Market Data

Sale Price Trend ($/SF)

$487

Rental Price Trend ($/SF)

$3.68

+2.2%

Building Activity

Days on Market

136

days

Sitting longer

Months of Inventory

36.0

months

Buyer's market

Sale-to-List Ratio

88.0%

Buyers negotiating

Price Reductions

100%

of listings

Many price cuts

Closed Sales (120d)

transactions

Low volume

Median Rent

$3,900

/month

Sales & Listings

Active Listings

For Sale (6)

$525K

Unit 408

2 bd2 ba1,110 sf

$473/SF21 DOM

$550K

Unit PH-07

1 bd2 ba810 sf

$679/SF41 DOM

$555K

Unit 1107

1 bd2 ba810 sf

$685/SF81 DOM

$650K

Unit 1205

2 bd2 ba1,070 sf

$607/SF

$695K

Unit PH-04

1 bd2 ba750 sf

$927/SF

$700K

Unit 602

2 bd2 ba1,110 sf

$631/SF154 DOM

For Rent (6)

$3K

Unit G-06

1 bd2 ba820 sf

$4/SF22 DOM

$3K

Unit 804

1 bd2 ba750 sf

$4/SF1 DOM

$4K

Unit 1005

2 bd2 ba1,070 sf

$4/SF

$4K

Unit 305

2 bd2 ba1,070 sf

$4/SF19 DOM

$4K

Unit 1005

2 bd2 ba1,070 sf

$4K

Unit 503

2 bd2 ba1,000 sf

$4/SF4 DOM

Recent Sales

Date	Price	$/SF	Bed/Bath	SF
Nov 18, 2024	$125K	$116.82	2/2	1,070
Oct 31, 2024	$205K	$184.77	2/2	1,110
Jul 24, 2024	$368K	$448.78	1/2	820
Jul 11, 2024	$545K	$514.15	2/2	1,060
Jun 3, 2024	$693K

Units & Ownership

Total Units

113

Avg Sqft

985 SF

Avg Assessed

$357K

Owner-Occupied

48%

Tax & Ownership

Investor-Owned

52%

Owner-Occupied

48%

Avg Assessed Value

$357K

Avg Taxable Value

$330K

Effective Year Built

1995

Zoning

4100

Unit Mix

1 BR37

Avg 794 SF

2 BR74

Avg 1,068 SF

3 BR1

Avg 1,930 SF

Unknown1

Unit Directory

Showing 10 of 113 units

Unit	Beds	Baths	SF	Assessed	Owner	Last Sale	$/SF	Sale Date
—	—	—	—	—	—	—	—	—
201	2	2	1,070	$440K	✓	$439K	$410	Feb 2022
202	2	2	1,110	$225K	✓	$116K	$104	Apr 1995
203	2	2	1,000	$298K	✓	$350K	$350	Apr 2016
204	1	2	750	$290K	—	$190K	$253	Aug 2011
205	2	2	1,070	$463K	✓	$125K	$117	Nov 2024
206	1	2	820	$286K	—	$226K	$276	Nov 2014
207	1	2	810	$148K	✓	$110K	$136	Nov 2000
208	2	2	1,110	$396K	—	$370K	$333	Aug 2006
209	2	2	1,060	$463K	—	$545K	$514	Jul 2024