Existing Building –- This building is a twelve unit building in South Beach, new complete renovation; all one BR/one BA units (565 sq ft). Total building is 6,791 sq ft. The property needs to be completed, with completion costs of about $200k to 4250k. The property is located on the in the heart of South Beach and only a couple of blocks to Flamingo Park, the bay and the ocean. Rents will likely be about $2 to $2.50 per sq ft. Loan amount is $1.65MM. Property taxes are due to 2007 & 2008 for $60k.