Renovated MiMo Apartment
For Sale
$1,950,000
6838 Abbott Avenue, Miami Beach, FL 33141
Seven of eight units have been renovated, with impact windows, updated electrical service, and gated entry improvements.
Property Size6,640 SF
Price / SF$293.67
Days on Market799
Property Features for 6838 Abbott Avenue
General Information
Standard status
Active
Size
6,640 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$21,703
Amenities
impact windows
new electrical service
gated entrance
corner windows
Building Details
Year Built
1937
Construction
MiMo
Listing Agency:
Urban Resource LLC
Listed By:
Laura Veitia · License #0620486
(305) 403-2424
Source:
Compass
Added: Jun 28, 2024
Changed: Sep 2
Last Checked: Sep 1 at 10:59PM
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 Urban Resource LLC
Investment Insights
Based on property information with market context.
Built in 1937, this Miami Beach apartment property contains 6,640 square feet and eight units, seven of which have been renovated down to the studs. The building includes impact windows, new electrical service, a gated entrance, and corner windows.
Located at 6838 Abbott Avenue in the Historic Resort District, the property is steps from Town Center, the new 72nd St Civic Center, and Ocean Terrace. Its Miami Beach address places the building within a centrally positioned residential setting surrounded by these identified destinations.
Located at 6838 Abbott Avenue in the Historic Resort District, the property is steps from Town Center, the new 72nd St Civic Center, and Ocean Terrace. Its Miami Beach address places the building within a centrally positioned residential setting surrounded by these identified destinations.
Key Highlights
- 6,640‑square‑foot apartment building with 8 units
- 7 of 8 units renovated down to studs
- Impact windows and new electrical service
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
$102,119
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
5.24%
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%
$2,042,380
$2.0M
Cap Rate 7%
$1,458,843
$1.5M
Cap Rate 9%
$1,134,656
$1.1M
Market Conditions
NOI Build-Up for 6,640 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
$194.4K $29.28/SF
− Vacancy
−$8.7K −$1.32/SF
EGI
$185.7K $27.96/SF
− OpEx
−$83.6K −$12.58/SF
NOI
$102.1K $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%
$2,042,380
Cap Rate 7%
$1,458,843
Cap Rate 9%
$1,134,656
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,119 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,813 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,163
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 - Seven of eight units have been renovated, with impact windows, updated electrical service, and gated entry improvements.
Where is this apartment building located?
The property is located at 6838 Abbott Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 6,640‑square‑foot apartment building with 8 units; 7 of 8 units renovated down to studs; Impact windows and new electrical service
