15-Unit Apartment Building with
For Sale
$2,950,000
Pending
2011 Bay Dr, Miami Beach, FL 33141
Elevator access, private parking, and ground-floor office space support the building’s residential configuration.
Property Size12,508 SF
Days on Market2632
Property Features for 2011 Bay Dr
General Information
Standard status
Pending
Size
12,508 SF
Elevators
Yes
Property subtype
General Commercial
Occupancy
100%
Units
Unit Mix
15 x 1BR/1BA
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$29,901
Amenities
laundry room
3
Building Details
Year Built
1977
Buildings
1
Listing Agency:
Grand Realty of America, Corp.
(305) 931-7878
Listed By:
Gregory Marie · License #3244427
(786) 454-5124
Source:
Xome
Added: Jun 23, 2019
Changed: Aug 30
Last Checked: Aug 30 at 11:43PM
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 Grand Realty of America, Corp.
Investment Insights
Based on property information with market context.
Constructed in 1977, this Miami Beach apartment building contains 15 one-bedroom, one-bath units totaling 12,508 square feet. The property also includes an elevator, private parking, a small ground-floor office, and a laundry room. The building is fully occupied, and its 40-year certification is up to date.
Several improvements have been completed across the property, including newer air-conditioning systems in other units, updated kitchens, and replacement water heaters. Some apartments offer partial water views. The building is a few blocks from Normandy Golf Course and close to the water on Bay Drive in Miami Beach.
Several improvements have been completed across the property, including newer air-conditioning systems in other units, updated kitchens, and replacement water heaters. Some apartments offer partial water views. The building is a few blocks from Normandy Golf Course and close to the water on Bay Drive in Miami Beach.
Key Highlights
- 15 one‑bedroom, one‑bath apartment units
- 12,508‑square‑foot building constructed in 1977
- Elevator, private parking, ground‑floor office, and laundry room
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
$192,365
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
6.52%
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%
$3,847,300
$3.8M
Cap Rate 7%
$2,748,071
$2.7M
Cap Rate 9%
$2,137,389
$2.1M
Market Conditions
NOI Build-Up for 12,508 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
$366.2K $29.28/SF
− Vacancy
−$16.5K −$1.32/SF
EGI
$349.8K $27.96/SF
− OpEx
−$157.4K −$12.58/SF
NOI
$192.4K $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%
$3,847,300
Cap Rate 7%
$2,748,071
Cap Rate 9%
$2,137,389
Alternative Uses
Best Use
Apartment 5plus
$2.75M
$2.40M – $3.21M
NOI $192,365 @ 7.0% cap · market cap 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.35M
$5.55M – $7.40M
NOI $444,209 @ 7.0% cap · market cap 15.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
100%
Occupancy
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 - Elevator access, private parking, and ground-floor office space support the building’s residential configuration.
Where is this apartment building located?
The property is located at 2011 Bay Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 15 one‑bedroom, one‑bath apartment units; 12,508‑square‑foot building constructed in 1977; Elevator, private parking, ground‑floor office, and laundry room
