Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1915 Normandy Dr Miami Beach, FL 33141

    View on Map
    Sponsored
    For Sale
    $995,000

    Fourplex, Quadruplex - Miami Beach, FL

    Type:Quadruplex
    Days on Market:
    11
    Last Refresh:
    Mar 7 at 4:06 am

    Property Features for 1915 Normandy Dr

    General Information

    Property type
    Residential
    Property subtype
    Quadruplex
    Standard status
    Active
    Zoning
    3900
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    15
    Bathrooms
    15
    APN
    02-32-10-011-0290
    Parking
    6

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1940
    Flooring type
    Tile, Tile - Ceramic
    Building materials
    Block
    Roof type
    Barrel
    Architectural style
    Other

    We can help!

    Listing Contact
    Omar Garban
    Omar Garban

    Douglas Elliman (305) 695-6300

    Listing agent Omar Garban (305) 695-6300 License #3046524

    Listing date Feb 25, 2026

    MLS# A11898159 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Development Opportunity in Miami Beach

    This property presents a development opportunity in Normandy Isles. Approved plans are in place to construct a 7,812 square foot, three-story building featuring six units. The unit mix includes three units with three bedrooms and two bathrooms, and three units with two bedrooms and two bathrooms. The development will also include parking, a pool, and roof terraces. The property is zoned RM-1 with a Floor Area Ratio (FAR) of 1.25. The location is near the upcoming Island Walk development in North Bay Village, a project intended to create a walkable urban environment with 7.3 million square feet of commercial, residential, hotel, and office space. Island Walk is planned to include 8 to 10 towers reaching up to 650 feet, a pedestrian bridge across 79th Street, and a water taxi/ferry service.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.14042
    Latitude
    25.852526

    Nearby Similar for Sale

    • New
      $375,000
      1,130 SF

      Miami Beach Office Investment

      Oceanfront office space with rental income potential in Miami Beach.
      5601 Collins Ave, Miami Beach, FL 33140
      View Details
    • $375,000
      1,130 SF

      Oceanfront Miami Beach Office Space

      Prime office space in oceanfront building with immediate rental income.
      5601 Collins Ave, Miami Beach, FL 33140
      View Details
    • Contact for pricing
      1,384 SF

      Oceanfront Condo Hotel with Restaurant

      Prime Miami Beach real estate with oceanfront restaurant and liquor license.
      7300 Ocean Ter, Miami Beach, FL 33141
      View Details
    • $300,000

      Miami Beach Restaurant Business Opportunity

      Established Mediterranean restaurant for sale in prime Miami Beach location.
      405-407 15Th St, Miami Beach, FL 33139
      View Details
    • $3,890,000
      7,800 SF

      Miami Beach Retail Investment Opportunity

      Four retail spaces near Ocean Drive and Lincoln Road.
      764 Washington Ave, Miami Beach, FL 33139
      View Details
    • $415,000

      Deeded Boat Slip in Miami Beach

      Rare 40-foot boat slip with Intracoastal access and included utilities.
      5401 Collins Ave, Miami Beach, FL 33140
      View Details
    • $11,000,000
      8,006 SF

      Miami Beach Retail Redevelopment Opportunity

      Prime commercial property with redevelopment potential in Miami Beach.
      1441 Alton Rd, Miami Beach, FL 33139
      View Details
    • $275,000

      Miami Beach Commercial Condominium

      Versatile commercial unit in prime Miami Beach location.
      5700 Collins Ave, Miami Beach, FL 33140
      View Details
    • $26,000,000
      20,600 SF

      Lincoln Road Penthouse Office Space

      Unique penthouse office space with expansive views on Lincoln Road.
      605 Lincoln Rd, Miami Beach, FL 33139
      View Details
    • $16,000,000
      22,750 SF

      Miami Beach Development Opportunity

      Rare South of Fifth development opportunity with income and upside.
      249 Collins Ave, Miami Beach, FL 33139
      View Details
    • $200,000
      900 SF

      Turnkey Restaurant Opportunity in Miami Beach

      Fully equipped quick-service restaurant for sale in Miami Beach, FL.
      Miami Beach, FL 33141
      View Details
    • $5,000,000
      7,762 SF

      South Beach Retail Opportunity

      Four-unit building on Alton Road with redevelopment potential.
      1558 Alton Rd, Miami Beach, FL 33139
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Land with approved plans for a six-unit building.
    Where is this residential land & home lot located?
    The property is located at 1915 Normandy Dr Miami Beach, FL.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: - Development opportunity: Approved plans for a 7,812 SF, 3-story building with 6 units, including parking, pool, and roof terraces.; - Excellent location in Normandy Isles with RM-1 Zoning and a FAR of 1.25.; - Proximity to the new Island Walk development in North Bay Village, a 7.3 million square foot mixed-use project.
    (305) 695-6300
    Request Owner's contact information
    1915 Normandy Dr Miami Beach, FL 33141
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1915 Normandy Dr
    Miami Beach, FL 33141
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1915 Normandy Dr Miami Beach, FL 33141
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Omar Garban
    Omar Garban
    Real Estate License ID: 3046524
    (305) 695-6300 (305) 467-7556
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!