25-Unit Apartment Building
For Sale
Contact for pricing
Pending
533 Meridian Ave, Miami Beach, FL 33139
Two-building property with a mix of studio and one-bedroom units in a CPS-2 zoning district.
Property Size12,730 SF
Days on Market656
Property Features for 533 Meridian Ave
General Information
Standard status
Pending
Size
12,730 SF
Property subtype
Multifamily
Zoning
CPS-2
Investment Type
Redevelopment
Building Details
Year Built
1968
Buildings
2
Stories
2
Units
25
Listing Agency:
Coldwell Banker Residential Brokerage Miami Beach Lincoln Building
(305) 342-7442
Listed By:
Rosy Cancela · License #0574234
Source:
Crexi
Added: Nov 11, 2024
Changed: Aug 29
Last Checked: Aug 29 at 1:33PM
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 Coldwell Banker Residential Brokerage Miami Beach Lincoln Building
Investment Insights
Based on property information with market context.
This offering includes two apartment buildings containing 25 units in a combination of studios and one-bedroom layouts. Building 533 measures 6,280 square feet, while Building 543 contains 6,450 square feet. The properties were built in 1968, with each lot measuring 7,000 square feet, and are held as a condominium.
Located on Meridian Avenue between 5th and 6th Street in South Beach, the property carries CPS-2 zoning. The zoning allows commercial use on the first floor and short-term rentals. The combined buildings total 12,730 square feet, with a 2.0 FAR designation supporting evaluation of the existing improvements and redevelopment possibilities.
Located on Meridian Avenue between 5th and 6th Street in South Beach, the property carries CPS-2 zoning. The zoning allows commercial use on the first floor and short-term rentals. The combined buildings total 12,730 square feet, with a 2.0 FAR designation supporting evaluation of the existing improvements and redevelopment possibilities.
Key Highlights
- 25 units across two apartment buildings, including studios and 1/1s
- Building 533 contains 6,280 sq. ft.; Building 543 contains 6,450 sq. ft.
- Each lot measures 7,000 sq. ft.
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
$195,779
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
3.26%
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%
$3,915,580
$3.9M
Cap Rate 7%
$2,796,843
$2.8M
Cap Rate 9%
$2,175,322
$2.2M
Market Conditions
NOI Build-Up for 12,730 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
$372.7K $29.28/SF
− Vacancy
−$16.8K −$1.32/SF
EGI
$356.0K $27.96/SF
− OpEx
−$160.2K −$12.58/SF
NOI
$195.8K $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%
$3,915,580
Cap Rate 7%
$2,796,843
Cap Rate 9%
$2,175,322
Alternative Uses
Best Use
Apartment 5plus
$2.80M
$2.45M – $3.26M
NOI $195,779 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.46M
$5.65M – $7.53M
NOI $452,093 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,712
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
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 - Two-building property with a mix of studio and one-bedroom units in a CPS-2 zoning district.
Where is this apartment building located?
The property is located at 533 Meridian Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 25 units across two apartment buildings, including studios and 1/1s; Building 533 contains 6,280 sq. ft.; Building 543 contains 6,450 sq. ft.; Each lot measures 7,000 sq. ft.
