Four-Story 9-Unit Apartment
For Sale
$2,800,000
709 83rd St, Miami Beach, FL 33141
Commercial Sale, Miami Beach, FL
Property Size11,880 SF
Lot Size0.27 Acres
Price / SF$235.69
Days on Market80
Property Features for 709 83rd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
3900
Subdivision
32
Standard status
Active
APN
02-32-02-008-1700
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
BISCAYNE BEACH SUB PB 44-67 LOT 30 BLK 7 LOT SIZE 50.000 X 113 OR 15557-4459 0692 5
Legal Description
BISCAYNE BEACH SUB PB 44-67 LOT 30 BLK 7 LOT SIZE 50.000 X 113 OR 15557-4459 0692 5
Amenities
central A/C
Building Details
Year built
1990
Number of units
9
Listing Agency:
Beachfront Realty Inc
(305) 405-0615
Listed By:
Marilina Apfelbaum · License #0662372
(786) 287-3633
Added: Jun 25
Changed: Sep 2
Last Checked: Sep 12 at 4:06PM
MLS# A12001730
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 9-unit apartment building in Miami Beach offers four-story concrete construction, central A/C, and approximately 11,880 SF of building area. Completed in 1990 on a 5,650 SF lot, the property has all units fully occupied and is zoned 3900 for multifamily use of 2-9 units.
The property is situated in the Biscayne Beach area, with the beach, shopping, dining, and transit located minutes away. Its concrete block construction, existing occupancy, and central cooling provide a defined physical and operational profile for multifamily ownership.
The property is situated in the Biscayne Beach area, with the beach, shopping, dining, and transit located minutes away. Its concrete block construction, existing occupancy, and central cooling provide a defined physical and operational profile for multifamily ownership.
Key Highlights
- 9‑unit apartment building with all units fully occupied
- Approximately 11,880 SF on a 5,650 SF lot
- Four‑story concrete block construction completed in 1990
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
$182,706
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
6.53%
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%
$3,654,120
$3.7M
Cap Rate 7%
$2,610,086
$2.6M
Cap Rate 9%
$2,030,067
$2.0M
Market Conditions
NOI Build-Up for 11,880 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
$347.8K $29.28/SF
− Vacancy
−$15.7K −$1.32/SF
EGI
$332.2K $27.96/SF
− OpEx
−$149.5K −$12.58/SF
NOI
$182.7K $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%
$3,654,120
Cap Rate 7%
$2,610,086
Cap Rate 9%
$2,030,067
Alternative Uses
Best Use
Apartment 5plus
$2.61M
$2.28M – $3.05M
NOI $182,706 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.03M
$5.27M – $7.03M
NOI $421,906 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,084
Businesses Nearby
Explore this area
Business Placement
Demographics for 33141, FL
35,995
Population
21,793
Households
1.7
Avg Household Size
44
Median Age
44%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
15,650
Density / Sq Mi
$64,457
Median Household Income
$36,899
Median Earnings
$1,739
Median Rent
$434,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily asset with concrete construction and central A/C in Miami Beach.
Where is this apartment building located?
The property is located at 709 83rd St Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 9‑unit apartment building with all units fully occupied; Approximately 11,880 SF on a 5,650 SF lot; Four‑story concrete block construction completed in 1990
