Turnkey 6-Unit South Beach
1438 Meridian Ave Miami Beach, FL 33139
For Sale
$2,400,000
MULTI_FAMILY - Other - Miami Beach, FL
Property Size4,644 SF
Price / SF$516.80
Days on Market49
Property Features for 1438 Meridian Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- Bedrooms
- 6
- Rooms
- Bathroom 3, Bedroom 4, Bathroom 6, Bedroom 5, Bathroom 1, Bathroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 5, Bedroom 6, Bedroom 1
- Exterior features
- Balcony
- Standard status
- Active
- APN
- 02-32-34-015-0260
- Size
- 4,644 SF
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- ESPANOLA VILLAS 1ST ADDN PB 9-147 LOT 1 LESS N3FT FOR ST BLK 7 B LOT SIZE 50.000 X 78 OR 13958-1044 0189 1 COC 23431-2532 05 2005 1
- Tax Annual Amount
- 24505
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating)
- Cooling system
- Electric, Central Air
- Water source
- Public
Building Details
- Year built
- 1936
- Floors in Building
- 2
- Flooring type
- Hardwood, Tile, Wood
- Building materials
- Block
- Roof type
- Built-Up
- Architectural style
- Other
Listing Agency:
Fortune International Realty
(305) 400-6393
Listed By:
Jordan Lederman · License #3245821
(248) 701-5200
Added: Jun 5
Changed: Jul 18
Last Checked: Jul 23 at 2:06PM
MLS# A12023899
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
PARKEDGE is a fully renovated Art Deco multifamily building containing six 1-bedroom/1-bath units, including two loft-style residences and four standard one-bedroom apartments. The property has been gut renovated with new plumbing, electrical, HVAC systems, a new roof, and impact windows. Interiors feature Brazilian cherrywood and wood flooring throughout, complemented by granite and quartz countertops. Upper-level units offer cathedral-style ceilings, and each unit includes stainless steel appliances, designer cabinetry, and an in-unit washer/dryer.
Located at 1438 Meridian Ave in Miami Beach, the building sits directly across from Flamingo Park. The remarks also note proximity to Lincoln Road and Espanola Way, with the beach described as approximately four blocks away. Flamingo Park is cited as offering 17 tennis courts, an aquatic center, and tropical grounds.
For buyers seeking a turnkey residential income property, PARKEDGE is positioned as a stabilized asset with all six units currently 100% occupied. Tenants are described as being on annual leases. The building is also stated to have completed its 40/50-year structural certification.
Located at 1438 Meridian Ave in Miami Beach, the building sits directly across from Flamingo Park. The remarks also note proximity to Lincoln Road and Espanola Way, with the beach described as approximately four blocks away. Flamingo Park is cited as offering 17 tennis courts, an aquatic center, and tropical grounds.
For buyers seeking a turnkey residential income property, PARKEDGE is positioned as a stabilized asset with all six units currently 100% occupied. Tenants are described as being on annual leases. The building is also stated to have completed its 40/50-year structural certification.
Key Highlights
- Fully renovated 6‑unit South Beach multifamily building (Art Deco), built in 1936, with six 1‑bed/1‑bath residences
- 2 loft‑style units plus 4 one‑bedroom/one‑bath apartments
- Currently 100% occupied with tenants on annual leases
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $136.0k | $29.28 |
| − Vacancy | −$6.1k | −$1.32 |
| EGI | $129.9k | $27.96 |
| − OpEx | −$58.4k | −$12.58 |
| NOI | $71.4k | $15.38 |
4,644 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Fully renovated Art Deco building with six 1-bed units and in-unit laundry, currently 100% occupied under annual leases.
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 building (Art Deco), built in 1936, with six 1‑bed/1‑bath residences; 2 loft‑style units plus 4 one‑bedroom/one‑bath apartments; Currently 100% occupied with tenants on annual leases
