Twenty-Unit Apartment
For Sale
$3,600,000
6855 Byron Avenue, Miami Beach, FL 33141
For sale, a 20-unit apartment building in North Miami Beach, offering residential income housing.
Property Size13,178 SF
Price / SF$273.18
Days on Market2342
Property Features for 6855 Byron Avenue
General Information
Standard status
Active
Size
13,178 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Additional Details
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$49,671
Building Details
Year Built
1956
Listing Agency:
Grand Realty of America, Corp.
Listed By:
Rosa Salas · License #3258018
(305) 931-7878
Source:
Compass
Added: Apr 7, 2020
Changed: Aug 27
Last Checked: Sep 1 at 10:56PM
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 Grand Realty of America, Corp.
Investment Insights
Based on property information with market context.
This for-sale property is a 20-unit apartment building configured for residential rental use. It presents as an income-generating multifamily asset.
Located at 6855 Byron Ave in North Miami Beach (Miami Beach, FL 33141), the building is positioned within a well-established residential area. The available information does not detail individual unit mix, on-site amenities, or any specific building improvements.
Interested parties should confirm current occupancy, deferred maintenance items, and operating expenses with the seller or listing broker prior to making an offer.
Located at 6855 Byron Ave in North Miami Beach (Miami Beach, FL 33141), the building is positioned within a well-established residential area. The available information does not detail individual unit mix, on-site amenities, or any specific building improvements.
Interested parties should confirm current occupancy, deferred maintenance items, and operating expenses with the seller or listing broker prior to making an offer.
Key Highlights
- 20‑unit apartment building in North Miami Beach
- Residential income housing property listed for sale
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
$202,669
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
5.63%
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%
$4,053,380
$4.1M
Cap Rate 7%
$2,895,271
$2.9M
Cap Rate 9%
$2,251,878
$2.3M
Market Conditions
NOI Build-Up for 13,178 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
$385.9K $29.28/SF
− Vacancy
−$17.4K −$1.32/SF
EGI
$368.5K $27.96/SF
− OpEx
−$165.8K −$12.58/SF
NOI
$202.7K $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%
$4,053,380
Cap Rate 7%
$2,895,271
Cap Rate 9%
$2,251,878
Alternative Uses
Best Use
Apartment 5plus
$2.90M
$2.53M – $3.38M
NOI $202,669 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.69M
$5.85M – $7.80M
NOI $468,003 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
2,212
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
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 - For sale, a 20-unit apartment building in North Miami Beach, offering residential income housing.
Where is this apartment building located?
The property is located at 6855 Byron Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 20‑unit apartment building in North Miami Beach; Residential income housing property listed for sale
