Waterfront Apartment
For Sale
$1,998,000
2005-2023 Calais Drive, Miami Beach, FL 33141
Existing apartments offer a varied unit mix and direct waterfront positioning in Normandy Isle.
Property Size9,802 SF
Price / SF$203.84
Days on Market2319
Property Features for 2005-2023 Calais Drive
General Information
Standard status
Active
Size
9,802 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Units
Unit Mix
4 x 2BD, 4 x 1BD, 1 x 3BD, 1 x studio
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$31,683
Building Details
Year Built
1949
Listing Agency:
Urban Resource LLC
Listed By:
Laura Veitia · License #0620486
(786) 620-2727
Source:
Compass
Added: Jun 16, 2020
Changed: Oct 16
Last Checked: Oct 20 at 11:49PM
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
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Investment Insights
Based on property information with market context.
This apartment property, built in 1949, contains 10 units arranged as four two-bedroom apartments, four one-bedroom apartments, one three-bedroom apartment, and one studio. The site includes 143 linear feet of waterfront and provides an existing multifamily configuration for evaluation.
The property is located at 2005-2023 Calais Drive in Miami Beach’s Normandy Isle. Nearby amenities identified in the property information include Normandy Shores Golf Course, bayfront tennis facilities, Normandy Pool & Park, and Normandy Fountain. The surrounding area includes single-family neighborhoods, and the neighborhood is identified as allowing redevelopment.
The property is located at 2005-2023 Calais Drive in Miami Beach’s Normandy Isle. Nearby amenities identified in the property information include Normandy Shores Golf Course, bayfront tennis facilities, Normandy Pool & Park, and Normandy Fountain. The surrounding area includes single-family neighborhoods, and the neighborhood is identified as allowing redevelopment.
Key Highlights
- 10‑unit apartment property with 4 2BDs, 4 1BDs, 1 3BD, and 1 studio
- 143 linear feet of waterfront
- Built in 1949
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$150,748
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,014,960
$3.0M
Cap Rate 7%
$2,153,543
$2.2M
Cap Rate 9%
$1,674,978
$1.7M
Market Conditions
NOI Build-Up for 9,802 SF
Gross rent
$287.0K $29.28/SF
− Vacancy
−$12.9K −$1.32/SF
EGI
$274.1K $27.96/SF
− OpEx
−$123.3K −$12.58/SF
NOI
$150.7K $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 Rate 5%
$3,014,960
Cap Rate 7%
$2,153,543
Cap Rate 9%
$1,674,978
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,748 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.97M
$4.35M – $5.80M
NOI $348,108 @ 7.0% cap · market cap 17.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
929
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
Frequently Asked Questions
What type of property is this?
Apartment building - Existing apartments offer a varied unit mix and direct waterfront positioning in Normandy Isle.
Where is this apartment building located?
The property is located at 2005-2023 Calais Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: 10‑unit apartment property with 4 2BDs, 4 1BDs, 1 3BD, and 1 studio; 143 linear feet of waterfront; Built in 1949
