10-Unit Two-Building Apartment
For Sale
$1,775,000
Pending
2200 CALAIS DR, Miami Beach, FL 33141
Fully occupied two 2-story buildings with ten one-bedroom, one-bath units.
Property Size7,410 SF
Days on Market4295
Property Features for 2200 CALAIS DR
General Information
Standard status
Pending
Size
7,410 SF
Property subtype
General Commercial
Occupancy
100%
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Amenities
3
Building Details
Year Built
1950
Buildings
2
Stories
2
Listing Agency:
Rich Homes of Florida
(305) 491-7575
Listed By:
Joseph Torregrossa
(305) 491-7575
Source:
Xome
Added: Nov 4, 2014
Changed: Jul 30
Last Checked: Jul 30 at 8:27PM
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 Rich Homes of Florida
Investment Insights
Based on property information with market context.
Two-building multifamily property featuring buildings at 2200 and 2220 Calais Dr. The buildings include a total of 10 large units that are fully occupied, with all units configured as one bedroom and one bathroom. Both buildings are two stories.
The combined building area is 7,410 SF, set on what’s described as one double lot. The property was built in 1950.
Located in Miami Beach in the Normandy Island neighborhood at the entrance of a golf course, the site is positioned for tenants seeking an apartment home in this area.
The combined building area is 7,410 SF, set on what’s described as one double lot. The property was built in 1950.
Located in Miami Beach in the Normandy Island neighborhood at the entrance of a golf course, the site is positioned for tenants seeking an apartment home in this area.
Key Highlights
- Ten units fully occupied across two buildings
- All units are large one‑bedroom, one‑bath layouts
- Two buildings: 2200 and 2220 Calais Dr (Folio 02‑3210‑011‑0860 and 02‑3210‑011‑0660)
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
$113,961
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
6.42%
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%
$2,279,220
$2.3M
Cap Rate 7%
$1,628,014
$1.6M
Cap Rate 9%
$1,266,233
$1.3M
Market Conditions
NOI Build-Up for 7,410 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
$217.0K $29.28/SF
− Vacancy
−$9.8K −$1.32/SF
EGI
$207.2K $27.96/SF
− OpEx
−$93.2K −$12.58/SF
NOI
$114.0K $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%
$2,279,220
Cap Rate 7%
$1,628,014
Cap Rate 9%
$1,266,233
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.42M – $1.90M
NOI $113,961 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.76M
$3.29M – $4.39M
NOI $263,158 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
904
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 - Fully occupied two 2-story buildings with ten one-bedroom, one-bath units.
Where is this apartment building located?
The property is located at 2200 CALAIS DR Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Ten units fully occupied across two buildings; All units are large one‑bedroom, one‑bath layouts; Two buildings: 2200 and 2220 Calais Dr (Folio 02‑3210‑011‑0860 and 02‑3210‑011‑0660)
