Residential Income Multifamily
1550 Michigan Avenue Miami Beach, FL 33139
1550 Michigan Avenue, Miami Beach, FL, 33139
$1,250,000
For Sale
$1,250,000
For-sale multifamily property located about one block from Lincoln Road shops and restaurants.
Property Size5,546 SF
Price / SF$225.39
Days on Market2186
Property Features for 1550 Michigan Avenue
General Information
- Standard status
- Active
- Size
- 5,546 SF
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1931
Listing agency
Income Real Estate, Inc.
(305) 673-9999
Listed by
Scott Betten · License #0427362
(305) 673-9999
Source
Compass
Added: Jul 28, 2020 Updated: Jul 21 at 8:33PM Checked: Jul 22 at 8:20AM
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 Income Real Estate, Inc.
Investment Insights
Based on property information with market context.
This residential income multifamily property is offered for sale. The property is occupied, so interested parties must coordinate access through the listing agent and please do not disturb tenants.
The asset is positioned about one block from Lincoln Road shops and restaurants, placing it close to retail and dining within the immediate area.
For additional details and to schedule a showing, contact the listing agent.
The asset is positioned about one block from Lincoln Road shops and restaurants, placing it close to retail and dining within the immediate area.
For additional details and to schedule a showing, contact the listing agent.
Key Highlights
- 1931‑built multifamily property
- About one block from Lincoln Road shops and restaurants
Local 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 | $162.4k | $29.28 |
| − Vacancy | −$7.3k | −$1.32 |
| EGI | $155.1k | $27.96 |
| − OpEx | −$69.8k | −$12.58 |
| NOI | $85.3k | $15.38 |
5,546 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,294 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,960 @ 7.0% cap · market cap 15.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - For-sale multifamily property located about one block from Lincoln Road shops and restaurants.
Where is this multifamily property located?
The property is located at 1550 Michigan Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 1931‑built multifamily property; About one block from Lincoln Road shops and restaurants
