8-Unit Apartment
For Sale
$1,400,000
Pending
6940 Bay Dr, Miami Beach, FL 33141
Multifamily apartment property in Normandy Island with an established residential configuration.
Property Size5,231 SF
Days on Market2328
Property Features for 6940 Bay Dr
General Information
Standard status
Pending
Size
5,231 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$17,501
Amenities
3
Building Details
Year Built
1946
Buildings
1
Listing Agency:
MCS Investments & Property Management LLC
(786) 344-6029
Listed By:
Vanessa Deas
(786) 303-8480
Source:
Xome
Added: Apr 22, 2020
Changed: Aug 30
Last Checked: Aug 30 at 11:48PM
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 MCS Investments & Property Management LLC
Investment Insights
Based on property information with market context.
This apartment building contains 8 units within 5,231 square feet of property area. Built in 1946, the asset offers an established multifamily configuration suited to residential income use.
The property is located at 6940 Bay Dr in Miami Beach, Florida, within Normandy Island. Additional building information is available through the listing agent.
The property is located at 6940 Bay Dr in Miami Beach, Florida, within Normandy Island. Additional building information is available through the listing agent.
Key Highlights
- 8‑unit apartment building
- 5,231 square feet of property area
- Built in 1946
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
$80,449
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
5.75%
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%
$1,608,980
$1.6M
Cap Rate 7%
$1,149,271
$1.1M
Cap Rate 9%
$893,878
$893.9K
Market Conditions
NOI Build-Up for 5,231 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
$153.2K $29.28/SF
− Vacancy
−$6.9K −$1.32/SF
EGI
$146.3K $27.96/SF
− OpEx
−$65.8K −$12.58/SF
NOI
$80.4K $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%
$1,608,980
Cap Rate 7%
$1,149,271
Cap Rate 9%
$893,878
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,449 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.10M
NOI $185,773 @ 7.0% cap · market cap 13.27%
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
2,304
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily apartment property in Normandy Island with an established residential configuration.
Where is this apartment building located?
The property is located at 6940 Bay Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 8‑unit apartment building; 5,231 square feet of property area; Built in 1946
