14-Unit Renovated Apartment
For Sale
$2,580,000
960 Biarritz Drive, Miami Beach, FL 33141
Fully leased apartment property with renovated units, full kitchens, tile flooring, and impact windows and doors.
Property Size5,598 SF
Price / SF$460.88
Days on Market2489
Property Features for 960 Biarritz Drive
General Information
Standard status
Active
Size
5,598 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Occupancy
100%
Additional Details
Cap Rate
6.13%
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$24,780
Building Details
Year Built
1977
Buildings
1
Listing Agency:
Select International Realty, LLC.
(305) 448-1800
Listed By:
Julio Hernandez · License #0498322
(305) 448-1800
Source:
Compass
Added: Nov 6, 2019
Changed: Aug 29
Last Checked: Mar 25 at 6:36PM
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 Select International Realty, LLC.
Investment Insights
Based on property information with market context.
Located at 960 Biarritz Drive in Miami Beach, this 14-unit apartment building has undergone a full renovation and is fully leased. Each apartment includes tile flooring, a full kitchen, and impact windows and doors, creating consistent physical features throughout the property.
The building is in North Beach, steps from the water and within a 5-minute walk of the beach. Nearby context includes retailers, restaurants, and new developments. The property carries an existing 6.13% cap rate, and all leases include 60-day termination clauses.
The building is in North Beach, steps from the water and within a 5-minute walk of the beach. Nearby context includes retailers, restaurants, and new developments. The property carries an existing 6.13% cap rate, and all leases include 60-day termination clauses.
Key Highlights
- 14‑unit apartment building in Miami Beach
- Fully renovated and fully leased
- All units feature tile flooring, full kitchens, and impact windows/doors
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
$86,093
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
3.34%
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%
$1,721,860
$1.7M
Cap Rate 7%
$1,229,900
$1.2M
Cap Rate 9%
$956,589
$956.6K
Market Conditions
NOI Build-Up for 5,598 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
$163.9K $29.28/SF
− Vacancy
−$7.4K −$1.32/SF
EGI
$156.5K $27.96/SF
− OpEx
−$70.4K −$12.58/SF
NOI
$86.1K $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%
$1,721,860
Cap Rate 7%
$1,229,900
Cap Rate 9%
$956,589
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.43M
NOI $86,093 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.84M
$2.49M – $3.31M
NOI $198,807 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,304
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 leased apartment property with renovated units, full kitchens, tile flooring, and impact windows and doors.
Where is this apartment building located?
The property is located at 960 Biarritz Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,580,000.
What are key features of this property?
This property features: 14‑unit apartment building in Miami Beach; Fully renovated and fully leased; All units feature tile flooring, full kitchens, and impact windows/doors
