Two-Property Quadplex
New
For Sale
$1,375,000
1784 Normandy Drive, Miami Beach, FL 33141
The assemblage combines two adjacent four-unit multifamily properties for existing rental occupancy.
Property Size2,792 SF
Lot Size0.29 Acres
Price / SF$492.48
Days on Market3
Property Features for 1784 Normandy Drive
General Information
Standard status
Active
Size
2,792 SF
Lot size
0.29 Acres
Property subtype
Residential Income
Zoning
3900
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$15,500
Building Details
Building Size
2,792 SF
Year Built
1946
Buildings
2
Stories
2
Listing Agency:
Beachfront Realty Inc
(305) 989-9312
Listed By:
Franck Aravya · License #3139678
(305) 989-9312
Source:
Laerrealty
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 3:07AM
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 Beachfront Realty Inc
Investment Insights
Based on property information with market context.
This Miami Beach assemblage includes two adjacent multifamily properties at 1784 and 1794 Normandy Drive. Each property contains four units, creating eight existing rental units across approximately 12,500 SF of combined land. The properties were built in 1946 and provide an existing residential income component.
The site has approximately 100 feet of frontage and is located in Normandy Isle within the North Beach National Register Conservation District Overlay. Preliminary conceptual planning illustrates a possible 12-townhouse configuration arranged as two six-unit modules, subject to verification of zoning, FAR, parking, historic classification, and all required City approvals. No development plans or unit count are approved or guaranteed.
The site has approximately 100 feet of frontage and is located in Normandy Isle within the North Beach National Register Conservation District Overlay. Preliminary conceptual planning illustrates a possible 12-townhouse configuration arranged as two six-unit modules, subject to verification of zoning, FAR, parking, historic classification, and all required City approvals. No development plans or unit count are approved or guaranteed.
Key Highlights
- Two adjacent four‑unit multifamily properties offered together
- Eight existing rental units across the assemblage
- Approximately 12,500 SF of combined land
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
$46,542
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
3.38%
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%
$930,840
$930.8K
Cap Rate 7%
$664,886
$664.9K
Cap Rate 9%
$517,133
$517.1K
Market Conditions
NOI Build-Up for 2,792 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
$70.4K $25.20/SF
− Vacancy
−$3.9K −$1.39/SF
EGI
$66.5K $23.81/SF
− OpEx
−$19.9K −$7.14/SF
NOI
$46.5K $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%
$930,840
Cap Rate 7%
$664,886
Cap Rate 9%
$517,133
Alternative Uses
Best Use
Multifamily LT 5
$664.9K
$581.8K – $775.7K
NOI $46,542 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$613.4K
$536.7K – $715.7K
NOI $42,939 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,155 @ 7.0% cap · market cap 7.21%
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
1,156
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 - The assemblage combines two adjacent four-unit multifamily properties for existing rental occupancy.
Where is this quadplex located?
The property is located at 1784 Normandy Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Two adjacent four‑unit multifamily properties offered together; Eight existing rental units across the assemblage; Approximately 12,500 SF of combined land
