Quadplex Portfolio Near The
For Sale
$2,650,000
1920 Biarritz Drive, Miami Beach, FL 33141
Two contiguous properties provide a multifamily configuration with one-bedroom apartments and established residential improvements.
Property Size5,764 SF
Lot Size0.31 Acres
Price / SF$459.75
Days on Market1699
Property Features for 1920 Biarritz Drive
General Information
Standard status
Active
Size
5,764 SF
Lot size
0.31 Acres
Property subtype
Commercial/Industrial / Fourplex
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$29,486
Building Details
Year Built
1948
Buildings
2
Listing Agency:
Howard Chase Real Estate, LLC
Listed By:
Howard Chase · License #3175255
(305) 532-7470
Source:
Compass
Added: Jan 11, 2022
Changed: Sep 5
Last Checked: Sep 5 at 2:20PM
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 Howard Chase Real Estate, LLC
Investment Insights
Based on property information with market context.
This multifamily offering combines two contiguous parcels with two separate four-unit buildings, totaling eight apartments. Each residence is configured with one bedroom and one bathroom. The improvements comprise 5,764 square feet and date to 1948, providing an established residential layout across the combined property.
The property is located at 1920 Biarritz Drive in Miami Beach’s Normandy Isle, one block from the bay. Normandy Isle Park, the golf course, waterfront residences, Walgreens, the beach, Publix, and mainland connections are identified among the surrounding destinations. The combined site measures 13,324 square feet and presents two existing quadplex buildings within one assembled holding.
The property is located at 1920 Biarritz Drive in Miami Beach’s Normandy Isle, one block from the bay. Normandy Isle Park, the golf course, waterfront residences, Walgreens, the beach, Publix, and mainland connections are identified among the surrounding destinations. The combined site measures 13,324 square feet and presents two existing quadplex buildings within one assembled holding.
Key Highlights
- Two contiguous lots totaling 13,324 square feet
- Two four‑unit buildings with 8 units total
- All units are configured as 1 bed/1 bath
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
$96,085
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
3.63%
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%
$1,921,700
$1.9M
Cap Rate 7%
$1,372,643
$1.4M
Cap Rate 9%
$1,067,611
$1.1M
Market Conditions
NOI Build-Up for 5,764 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
$145.3K $25.20/SF
− Vacancy
−$8.0K −$1.39/SF
EGI
$137.3K $23.81/SF
− OpEx
−$41.2K −$7.14/SF
NOI
$96.1K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,921,700
Cap Rate 7%
$1,372,643
Cap Rate 9%
$1,067,611
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.60M
NOI $96,085 @ 7.0% cap · market cap 3.63%
Second Best
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,646 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$2.92M
$2.56M – $3.41M
NOI $204,702 @ 7.0% cap · market cap 7.72%
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
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?
Quadplex - Two contiguous properties provide a multifamily configuration with one-bedroom apartments and established residential improvements.
Where is this quadplex located?
The property is located at 1920 Biarritz Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Two contiguous lots totaling 13,324 square feet; Two four‑unit buildings with 8 units total; All units are configured as 1 bed/1 bath
