Renovated 8-Unit Apartment
For Sale
$2,200,000
Pending
2825 SHERIDAN AV, Miami Beach, FL 33140
Gated multifamily property with upgraded interiors, private outdoor space, and convenient access to Miami Beach destinations.
Property Size5,918 SF
Days on Market4166
Property Features for 2825 SHERIDAN AV
General Information
Standard status
Pending
Size
5,918 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$16,213
Amenities
gated property
rear garden/patio area
washer/dryer
walk-in closets
central air conditioning
high ceilings
3
Building Details
Year Built
1951
Year Renovated
2010
Buildings
2
Listing Agency:
One Sotheby's International Realty
(305) 538-9711
Listed By:
Madeleine Romanello · License #3009174
(305) 282-2133
Source:
Xome
Added: Apr 10, 2015
Changed: Aug 30
Last Checked: Aug 30 at 10:40PM
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 One Sotheby's International Realty
Investment Insights
Based on property information with market context.
The property at 2825 Sheridan Ave comprises 8 units across 2 buildings totaling 5,918 square feet. Originally built in 1951, the buildings were completely renovated in 2010 and feature a new roof, impact windows, and a new CO. Each residence includes a washer and dryer, updated kitchen with marble countertops, renovated bathroom, Dade Co pine flooring, walk-in closets, central air, and high ceilings.
A gated layout includes a rear garden and patio area, while street parking is available in front of the property. The site is within walking distance of the beach, the Faena district, Lincoln Road, restaurants, and shopping. Schools, temples, and a youth center are also nearby in the surrounding residential area.
A gated layout includes a rear garden and patio area, while street parking is available in front of the property. The site is within walking distance of the beach, the Faena district, Lincoln Road, restaurants, and shopping. Schools, temples, and a youth center are also nearby in the surrounding residential area.
Key Highlights
- 8 units across 2 buildings
- 5,918 SF total property size
- Completely renovated in 2010 with new CO
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
$91,015
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
4.14%
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%
$1,820,300
$1.8M
Cap Rate 7%
$1,300,214
$1.3M
Cap Rate 9%
$1,011,278
$1.0M
Market Conditions
NOI Build-Up for 5,918 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
$173.3K $29.28/SF
− Vacancy
−$7.8K −$1.32/SF
EGI
$165.5K $27.96/SF
− OpEx
−$74.5K −$12.58/SF
NOI
$91.0K $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%
$1,820,300
Cap Rate 7%
$1,300,214
Cap Rate 9%
$1,011,278
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,015 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.00M
$2.63M – $3.50M
NOI $210,172 @ 7.0% cap · market cap 9.55%
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
2,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 33140, FL
19,315
Population
16,000
Households
1.2
Avg Household Size
46
Median Age
62%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,231
Density / Sq Mi
$103,898
Median Household Income
$65,708
Median Earnings
$2,020
Median Rent
$863,600
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 - Gated multifamily property with upgraded interiors, private outdoor space, and convenient access to Miami Beach destinations.
Where is this apartment building located?
The property is located at 2825 SHERIDAN AV Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 8 units across 2 buildings; 5,918 SF total property size; Completely renovated in 2010 with new CO
