Vacant 4-Story Apartment
For Sale
$10,800,000
1080 93rd Street, Bay Harbor Islands, FL 33154
Vacant four-story Art Deco-style building with 16 one-bedroom units and eight two-bedroom units, ready for renovation.
Property Size32,924 SF
Price / SF$328.03
Days on Market101
Property Features for 1080 93rd Street
General Information
Standard status
Active
Size
32,924 SF
Property subtype
General Commercial
Zoning
Residential
Additional Details
Multifamily Units
24
Taxes and HOA fees
Annual Taxes
$83,349
Amenities
3
32 Parking Spaces.
Building Details
Year Built
1965
Stories
4
Listing Agency:
Better Homes & Gdns RE Fla 1st
(954) 525-2200
Listed By:
Ram Levi · License #F10554980
(786) 201-2413
Source:
Xome
Added: May 28
Changed: Sep 2
Last Checked: Sep 5 at 5:07AM
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 Better Homes & Gdns RE Fla 1st
Investment Insights
Based on property information with market context.
This vacant four-story Art Deco-style apartment building features 16 spacious 1-bedroom units with 1.5 bathrooms and eight 2-bedroom units with 2 bathrooms. Unit sizes range from 973 to 1,270 square feet, and the property is described as ready for renovation.
The site is presented as an opportunity to build a new 32-unit residential structure, with zoning allowing up to 65 feet in height (up to 6 floors) and a maximum of 32 units. The property is noted as being within walking distance to Bal Harbour Shops, top-tier restaurants, and an A+ rated school located a few steps away.
The site is presented as an opportunity to build a new 32-unit residential structure, with zoning allowing up to 65 feet in height (up to 6 floors) and a maximum of 32 units. The property is noted as being within walking distance to Bal Harbour Shops, top-tier restaurants, and an A+ rated school located a few steps away.
Key Highlights
- Vacant four‑story Art Deco‑style building ready for renovation
- 16 one‑bedroom units (1.0 bath/1.5 bath) and 8 two‑bedroom units (2.0 bath/2 bath)
- Unit sizes range from 973 SF to 1,270 SF
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
$506,349
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
4.69%
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%
$10,126,980
$10.1M
Cap Rate 7%
$7,233,557
$7.2M
Cap Rate 9%
$5,626,100
$5.6M
Market Conditions
NOI Build-Up for 32,924 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
$964.0K $29.28/SF
− Vacancy
−$43.4K −$1.32/SF
EGI
$920.6K $27.96/SF
− OpEx
−$414.3K −$12.58/SF
NOI
$506.3K $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%
$10,126,980
Cap Rate 7%
$7,233,557
Cap Rate 9%
$5,626,100
Alternative Uses
Best Use
Apartment 5plus
$7.23M
$6.33M – $8.44M
NOI $506,349 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.70M
$14.62M – $19.49M
NOI $1,169,261 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
1,968
Businesses Nearby
Explore this area
Business Placement
Demographics for 33154, FL
14,792
Population
10,104
Households
1.5
Avg Household Size
46
Median Age
59%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
7,785
Density / Sq Mi
$87,806
Median Household Income
$53,711
Median Earnings
$2,245
Median Rent
$741,400
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 - Vacant four-story Art Deco-style building with 16 one-bedroom units and eight two-bedroom units, ready for renovation.
Where is this apartment building located?
The property is located at 1080 93rd Street Bay Harbor Islands, FL.
What is the asking price?
The asking price for this property is $10,800,000.
What are key features of this property?
This property features: Vacant four‑story Art Deco‑style building ready for renovation; 16 one‑bedroom units (1.0 bath/1.5 bath) and 8 two‑bedroom units (2.0 bath/2 bath); Unit sizes range from 973 SF to 1,270 SF
