Renovated 18-Unit Apartment
924 Marseille Dr Miami Beach, FL 33141
For Sale
$4,050,000
Renovated three-story concrete block multifamily asset with 18 units, including studios, one-bedrooms, and two-bedrooms.
Property Size11,437 SF
Lot Size0.22 Acres
Price / SF$354.11
Days on Market112
Property Features for 924 Marseille Dr
General Information
- Standard status
- Active
- Size
- 11,437 SF
- Lot size
- 0.22 Acres
- Property subtype
- Multifamily
Listing Agency:
Fort Lauderdale Office
(954) 245-3492
Listed By:
Joseph P. Thomas · License #FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Apr 3
Changed: Jul 21
Last Checked: Jul 22 at 2:07AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
Ocean 18 Lofts is a three-story, 18-unit multifamily property originally constructed in 1926 and extensively renovated in 2023. The building is constructed of concrete block with a painted stucco exterior and flat roof. The unit mix includes eleven studio apartments, four one-bedroom/one-bath units, and three two-bedroom/one-bath units. Interiors feature central air conditioning, updated interiors, and modern finishes, and on-site laundry is available for tenant convenience.
The property is located in the Normandy Isles neighborhood of Miami Beach with convenient access to Normandy Drive, 71st Street, and Collins Avenue (State Road A1A). Nearby retail and points of interest include Fairway Park, Navarro Discount Pharmacy, Miami Beach Tennis Center, and multiple dining and shopping options, with the Ocean Terrace Public Beach and North Shore Park & Youth Center within about a mile.
City water and sewer are paid by ownership, while electric service is individually metered and paid by tenants, supporting straightforward utility management across the community.
The property is located in the Normandy Isles neighborhood of Miami Beach with convenient access to Normandy Drive, 71st Street, and Collins Avenue (State Road A1A). Nearby retail and points of interest include Fairway Park, Navarro Discount Pharmacy, Miami Beach Tennis Center, and multiple dining and shopping options, with the Ocean Terrace Public Beach and North Shore Park & Youth Center within about a mile.
City water and sewer are paid by ownership, while electric service is individually metered and paid by tenants, supporting straightforward utility management across the community.
Key Highlights
- 18‑unit, three‑story multifamily at 924 Marseille Drive, Miami Beach (Normandy Isles).
- Extensively renovated in 2023; concrete block construction with painted stucco exterior and flat roof.
- Unit mix: 11 studios, 4 1BD/1BA, and 3 2BD/1BA; total approx. 11,437 SF gross building area and 10,625 SF gross leasable area.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $334.9k | $29.28 |
| − Vacancy | −$15.1k | −$1.32 |
| EGI | $319.8k | $27.96 |
| − OpEx | −$143.9k | −$12.58 |
| NOI | $175.9k | $15.38 |
11,437 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.20M – $2.93M
NOI $175,893 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.80M
$5.08M – $6.77M
NOI $406,173 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Renovated three-story concrete block multifamily asset with 18 units, including studios, one-bedrooms, and two-bedrooms.
Where is this apartment building located?
The property is located at 924 Marseille Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $4,050,000.
What are key features of this property?
This property features: 18‑unit, three‑story multifamily at 924 Marseille Drive, Miami Beach (Normandy Isles).; Extensively renovated in 2023; concrete block construction with painted stucco exterior and flat roof.; Unit mix: 11 studios, 4 1BD/1BA, and 3 2BD/1BA; total approx. 11,437 SF gross building area and 10,625 SF gross leasable area.
