Renovated 24-Unit Apartment
For Sale
$5,000,000
1940 Biarritz Drive, Miami Beach, FL 33141
Updated apartments offer central air, impact windows, and assigned parking behind a gated entry.
Property Size18,750 SF
Price / SF$266.67
Days on Market3179
Property Features for 1940 Biarritz Drive
General Information
Standard status
Active
Size
18,750 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Units
Unit Mix
6 x 2BR/2BA, 17 x 1BR/1BA, 1 x studio
Multifamily Units
24
Taxes and HOA fees
Annual Taxes
$49,036
Amenities
gated entry
pool
assigned parking
Building Details
Year Built
1962
Buildings
1
Listing Agency:
BHHS EWM Realty
Listed By:
Josephine Pampanas PA · License #0585320
(305) 674-4000
Source:
Compass
Added: Dec 21, 2017
Changed: Aug 31
Last Checked: Sep 1 at 11:11PM
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 BHHS EWM Realty
Investment Insights
Based on property information with market context.
This 24-unit apartment building was renovated with updated kitchens, bathrooms, flooring, central air conditioning, and impact windows. The property contains 18,750 square feet and was built in 1962, with a unit mix of six two-bedroom, two-bath apartments, 17 one-bedroom, one-bath apartments, and one studio. Residents have access to assigned parking, a gated entry, and a pool area.
The property is located in the Normandy section of Miami Beach, near shops, restaurants, and the beach. Its combination of renovated interiors, controlled entry, outdoor amenity space, and varied unit configurations provides a defined multifamily layout within an established Miami Beach setting.
The property is located in the Normandy section of Miami Beach, near shops, restaurants, and the beach. Its combination of renovated interiors, controlled entry, outdoor amenity space, and varied unit configurations provides a defined multifamily layout within an established Miami Beach setting.
Key Highlights
- 24‑unit apartment building with 18,750 square feet
- Unit mix includes 6 two‑bedroom/two‑bath apartments, 17 one‑bedroom/one‑bath apartments, and 1 studio
- Renovated kitchens, bathrooms, flooring, central air conditioning, and impact windows
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
$288,362
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
5.77%
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%
$5,767,240
$5.8M
Cap Rate 7%
$4,119,457
$4.1M
Cap Rate 9%
$3,204,022
$3.2M
Market Conditions
NOI Build-Up for 18,750 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
$549.0K $29.28/SF
− Vacancy
−$24.7K −$1.32/SF
EGI
$524.3K $27.96/SF
− OpEx
−$235.9K −$12.58/SF
NOI
$288.4K $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%
$5,767,240
Cap Rate 7%
$4,119,457
Cap Rate 9%
$3,204,022
Alternative Uses
Best Use
Apartment 5plus
$4.12M
$3.60M – $4.81M
NOI $288,362 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.51M
$8.32M – $11.10M
NOI $665,887 @ 7.0% cap · market cap 13.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
1,005
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 - Updated apartments offer central air, impact windows, and assigned parking behind a gated entry.
Where is this apartment building located?
The property is located at 1940 Biarritz Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 24‑unit apartment building with 18,750 square feet; Unit mix includes 6 two‑bedroom/two‑bath apartments, 17 one‑bedroom/one‑bath apartments, and 1 studio; Renovated kitchens, bathrooms, flooring, central air conditioning, and impact windows
