Renovated Fourplex in Miami
For Sale
$1,430,000
1784 Marseille Dr, Miami Beach, FL 33141
Recently renovated fourplex in prime Miami Beach location.
Property Size3,784 SF
Days on Market275
Property Features for 1784 Marseille Dr
General Information
Standard status
Active
Size
3,784 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$16,292
Building Details
Building Size
3,784 SF
Year Built
1945
Stories
2
Listing Agency:
(440) 622-9740
Listed By:
Eli Jacoby
(440) 622-9740
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 21
Last Checked: Aug 29 at 10:35AM
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 Eli Jacoby
Investment Insights
Based on property information with market context.
This fourplex is located in Miami Beach, specifically on Normandy Isle. The property has been recently renovated, featuring a new roof, central A/C, updated flooring in every unit, and fresh paint throughout. Situated in a waterfront community near Biscayne Bay, the property is located minutes from the beach, Bal Harbour, and Downtown Miami. The surrounding neighborhood is walkable and offers cafes, shops, and local conveniences. Residents have easy access to the Normandy Shores Golf Club, tennis courts, and parks. The Isle of Normandy is noted for its historic charm and strong rental demand.
Key Highlights
- Prime Miami Beach location on desirable Normandy Isle.
- Recently renovated with new roof, central A/C, updated flooring, and fresh paint.
- True fourplex offering strong investment potential.
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
$63,079
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
4.41%
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%
$1,261,580
$1.3M
Cap Rate 7%
$901,129
$901.1K
Cap Rate 9%
$700,878
$700.9K
Market Conditions
NOI Build-Up for 3,784 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
$95.4K $25.20/SF
− Vacancy
−$5.2K −$1.39/SF
EGI
$90.1K $23.81/SF
− OpEx
−$27.0K −$7.14/SF
NOI
$63.1K $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%
$1,261,580
Cap Rate 7%
$901,129
Cap Rate 9%
$700,878
Alternative Uses
Best Use
Multifamily LT 5
$901.1K
$788.5K – $1.05M
NOI $63,079 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$831.4K
$727.4K – $969.9K
NOI $58,195 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,385 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,156
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 - Recently renovated fourplex in prime Miami Beach location.
Where is this quadplex located?
The property is located at 1784 Marseille Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,430,000.
What are key features of this property?
This property features: Prime Miami Beach location on desirable Normandy Isle.; Recently renovated with **new roof, central A/C, updated flooring, and fresh paint.**; True fourplex offering strong investment potential.
