Fully Renovated South Beach Apartment
For Sale
Contact for pricing
1438 Meridian Ave, Miami Beach, FL 33139
Six fully renovated 1-bed/1-bath units with impact windows and in-unit washer/dryers, steps from Flamingo Park.
Property Size4,644 SF
Price / SF$516.80
Days on Market65
Property Features for 1438 Meridian Ave
General Information
Standard status
Active
Size
4,644 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
6
Building Details
Year Built
1936
Tenancy
Multi
Listing Agency:
Fortune International Realty
Listed By:
Jordan Lederman, Esq. · License #BK3245821
Source:
Crexi
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 6 at 12:39PM
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 Fortune International Realty
Investment Insights
Based on property information with market context.
PARKEDGE is a fully renovated Art Deco apartment building with six units in Miami Beach, configured as two loft-style residences and four one-bedroom, one-bath apartments. The building has been gut-renovated with all-new plumbing, electrical, HVAC, roof, and impact windows. Interiors feature Brazilian Cherrywood and wood flooring throughout, with granite and quartz countertops, stainless steel appliances, and designer cabinetry. Upper-level units include cathedral-style ceilings, and each unit is equipped with an in-unit washer/dryer.
The property is located at 1438 Meridian Ave directly across from Flamingo Park. Residents have immediate access to Flamingo Park’s amenities, including 17 tennis courts, an aquatic center, and tropical grounds. The area is described as near Lincoln Road, Espa ola Way, and approximately four blocks to the beach.
For buyers seeking a stabilized multifamily asset, the building is currently 100% occupied with tenants on annual leases. The renovation scope includes major building systems and exterior components, which can be relevant for tenants and operators evaluating a turnkey condition property. The building has completed its 40/50-year structural certification.
The property is located at 1438 Meridian Ave directly across from Flamingo Park. Residents have immediate access to Flamingo Park’s amenities, including 17 tennis courts, an aquatic center, and tropical grounds. The area is described as near Lincoln Road, Espa ola Way, and approximately four blocks to the beach.
For buyers seeking a stabilized multifamily asset, the building is currently 100% occupied with tenants on annual leases. The renovation scope includes major building systems and exterior components, which can be relevant for tenants and operators evaluating a turnkey condition property. The building has completed its 40/50-year structural certification.
Key Highlights
- Fully renovated 6‑unit South Beach multifamily built in 1936, with each unit updated as 1‑bed/1‑bath residences.
- All units are currently 100% occupied; all tenants hold annual leases.
- Renovation includes all‑new plumbing, electrical, HVAC systems, roof, and impact windows.
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
$71,422
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
2.98%
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%
$1,428,440
$1.4M
Cap Rate 7%
$1,020,314
$1.0M
Cap Rate 9%
$793,578
$793.6K
Market Conditions
NOI Build-Up for 4,644 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
$136.0K $29.28/SF
− Vacancy
−$6.1K −$1.32/SF
EGI
$129.9K $27.96/SF
− OpEx
−$58.4K −$12.58/SF
NOI
$71.4K $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%
$1,428,440
Cap Rate 7%
$1,020,314
Cap Rate 9%
$793,578
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$892.8K – $1.19M
NOI $71,422 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $164,927 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,703
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
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 - Six fully renovated 1-bed/1-bath units with impact windows and in-unit washer/dryers, steps from Flamingo Park.
Where is this apartment building located?
The property is located at 1438 Meridian Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Fully renovated 6‑unit South Beach multifamily built in 1936, with each unit updated as 1‑bed/1‑bath residences.; All units are currently 100% occupied; all tenants hold annual leases.; Renovation includes all‑new plumbing, electrical, HVAC systems, roof, and impact windows.
