12-Unit Miami Modern Apartment
For Sale
$1,890,000
Pending
1011 Euclid Ave, Miami Beach, FL 33139
Two-story property offers an even mix of studios and one-bedroom residences with on-site parking.
Property Size6,664 SF
Days on Market2865
Property Features for 1011 Euclid Ave
General Information
Standard status
Pending
Size
6,664 SF
Total Parking Spaces
5
Property subtype
General Commercial
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
awaits restoration
Units
Unit Mix
6 x 1BR, 6 x studio
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$29,145
Amenities
covered walkways
3
5 Parking Spaces.
50
Building Details
Year Built
1959
Stories
2
Construction
Miami Modern
Listing Agency:
(305) 672-6300
Listed By:
Coldwell Banker Residential Real Estate
(305) 785-7847
Source:
Xome
Added: Nov 2, 2018
Changed: Aug 30
Last Checked: Aug 30 at 2:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Residential Real Estate
Investment Insights
Based on property information with market context.
Built in 1959, this two-story multifamily property contains 12 residences comprising 6 one-bedroom apartments and 6 studios. The building is fully rented and is positioned for restoration, with numerous windows and covered walkways serving both levels. Five on-site parking spaces are included.
The property is located in Miami Beach’s South Beach Art Deco District at 1011 Euclid Ave. Ocean Drive and the beach are approximately 4 blocks away, while shopping, cafes, and Flamingo Park are within walking distance.
The property is located in Miami Beach’s South Beach Art Deco District at 1011 Euclid Ave. Ocean Drive and the beach are approximately 4 blocks away, while shopping, cafes, and Flamingo Park are within walking distance.
Key Highlights
- 12‑unit, 2‑story multifamily property built in 1959
- Unit mix includes 6 one‑bedrooms and 6 studios
- Fully rented apartment building positioned for restoration
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
$102,488
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
5.42%
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%
$2,049,760
$2.0M
Cap Rate 7%
$1,464,114
$1.5M
Cap Rate 9%
$1,138,756
$1.1M
Market Conditions
NOI Build-Up for 6,664 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
$195.1K $29.28/SF
− Vacancy
−$8.8K −$1.32/SF
EGI
$186.3K $27.96/SF
− OpEx
−$83.9K −$12.58/SF
NOI
$102.5K $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%
$2,049,760
Cap Rate 7%
$1,464,114
Cap Rate 9%
$1,138,756
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.71M
NOI $102,488 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.96M – $3.94M
NOI $236,665 @ 7.0% cap · market cap 12.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
6,015
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story property offers an even mix of studios and one-bedroom residences with on-site parking.
Where is this apartment building located?
The property is located at 1011 Euclid Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: 12‑unit, 2‑story multifamily property built in 1959; Unit mix includes 6 one‑bedrooms and 6 studios; Fully rented apartment building positioned for restoration
