Renovated Six-Unit Apartment
For Sale
$2,400,000
1438 Meridian Ave, Miami Beach, FL 33139
Residential Income, Miami Beach, FL
Property Size4,644 SF
Price / SF$516.80
Days on Market92
Property Features for 1438 Meridian Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
2800
Bedrooms
6
Full bathrooms
6
Rooms
Bedroom 6, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2
Exterior features
Balcony
Subdivision
ESPANOLA VILLAS 1ST ADDN
Lot features
< 1/4 Acre
Standard status
Active
APN
02-32-34-015-0260
Size
4,644 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
ESPANOLA VILLAS 1ST ADDN PB 9-147 LOT 1 LESS N3FT FOR ST BLK 7 B LOT SIZE 50.000 X 78 OR 13958-1044 0189 1 COC 23431-2532 05 2005 1
Tax Annual Amount
24505
Legal Description
ESPANOLA VILLAS 1ST ADDN PB 9-147 LOT 1 LESS N3FT FOR ST BLK 7 B LOT SIZE 50.000 X 78 OR 13958-1044 0189 1 COC 23431-2532 05 2005 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
stainless steel appliances
designer cabinetry
in-unit washer/dryers
Building Details
Year built
1936
Floors in Building
2
Flooring type
Wood, Tile, Hardwood
Building materials
Block
Roof type
Built-Up
Architectural style
Other
Listing Agency:
Fortune International Realty
(305) 400-6393
Listed By:
Jordan Lederman · License #3245821
(248) 701-5200
Added: Jun 5
Changed: Sep 3
Last Checked: Sep 4 at 7:06AM
MLS# A12023899
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,644-square-foot apartment building contains six residences and was constructed in 1936. The property has undergone a comprehensive renovation, including replacement plumbing, electrical systems, HVAC, roof, and impact windows. Interior finishes include hardwood and wood flooring, granite and quartz countertops, stainless steel appliances, designer cabinetry, and in-unit washers and dryers. Upper-floor residences feature cathedral-style ceilings, and the building includes balconies. Public water and sewer serve the property, with electric heating and central air conditioning.
Located at 1438 Meridian Ave in Miami Beach, the building sits across from Flamingo Park and is four blocks from the beach. Lincoln Road and Espanola Way are nearby, while Flamingo Park offers 17 tennis courts, an aquatic center, and landscaped grounds. The property is currently 100% occupied, with all tenants on annual leases. Its 40/50-year structural certification has been completed.
Located at 1438 Meridian Ave in Miami Beach, the building sits across from Flamingo Park and is four blocks from the beach. Lincoln Road and Espanola Way are nearby, while Flamingo Park offers 17 tennis courts, an aquatic center, and landscaped grounds. The property is currently 100% occupied, with all tenants on annual leases. Its 40/50-year structural certification has been completed.
Key Highlights
- Six‑unit apartment building totaling 4,644 square feet
- Fully renovated with new plumbing, electrical, HVAC systems, roof, and impact windows
- 100% occupied with annual tenant leases
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$71,422
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.98%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,428,440
$1.4M
Cap Rate 7%
$1,020,314
$1.0M
Cap Rate 9%
$793,578
$793.6K
Market Conditions
NOI Build-Up for 4,644 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$136.0K $29.28/SF
− Vacancy
−$6.1K −$1.32/SF
EGI
$129.9K $27.96/SF
− OpEx
−$58.4K −$12.58/SF
NOI
$71.4K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,428,440
Cap Rate 7%
$1,020,314
Cap Rate 9%
$793,578
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$892.8K – $1.19M
NOI $71,422 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $164,927 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
8,703
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully updated multifamily property with occupied residences, annual leases, and condo-level finishes in Miami Beach.
Where is this apartment building located?
The property is located at 1438 Meridian Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Six‑unit apartment building totaling 4,644 square feet; Fully renovated with new plumbing, electrical, HVAC systems, roof, and impact windows; 100% occupied with annual tenant leases
