Quadplex Assemblage With Redevelopment
New
For Sale
$1,375,000
1784 Normandy Dr, Miami Beach, FL 33141
MULTI_FAMILY - Other - Miami Beach, FL
Property Size2,792 SF
Lot Size0.29 Acres
Price / SF$492.48
Days on Market1
Property Features for 1784 Normandy Dr
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 2, Bathroom 4, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Subdivision
ISLE OF NORMANDY MIAMI VI
Lot features
< 1/4 Acre
Standard status
Active
APN
02-32-10-017-0040
Size
2,792 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
10 53 42 ISLE OF NORMANDY MIAMI VIEW SEC PART 2 PB 41-75 LOT 4 BLK 30 LOT SIZE 50.000 X 125 OR 21007-0985 12/02 4 21874-1100 COC 23265-3605
Tax Annual Amount
15500
Legal Description
10 53 42 ISLE OF NORMANDY MIAMI VIEW SEC PART 2 PB 41-75 LOT 4 BLK 30 LOT SIZE 50.000 X 125 OR 21007-0985 12/02 4 21874-1100 COC 23265-3605
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
1946
Floors in Building
2
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
Beachfront Realty Inc
(305) 989-9312
Listed By:
Franck Aravya · License #3139678
(305) 989-9312
Added: Aug 12
Last Checked: Aug 12 at 12:06PM
MLS# A12068594
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.
This Miami Beach assemblage combines two adjacent four-unit multifamily properties at 1784 and 1794 Normandy Drive. Together, the properties contain eight existing rental units on approximately 12,500 square feet of combined land, with approximately 100 feet of frontage. The buildings date to 1946 and feature block construction, ceramic tile flooring, central air, shingle roofs, and public sewer service.
The property is within the RM-1 multifamily district and the North Beach National Register Conservation District Overlay. Preliminary conceptual planning identifies a possible 12-townhouse configuration arranged in two six-unit modules, subject to verification of zoning, FAR, parking, historic classification, and all required City of Miami Beach approvals. The existing properties may also be renovated or retained as rental housing. No development plans or unit count are approved or guaranteed, and independent municipal due diligence is required.
The property is within the RM-1 multifamily district and the North Beach National Register Conservation District Overlay. Preliminary conceptual planning identifies a possible 12-townhouse configuration arranged in two six-unit modules, subject to verification of zoning, FAR, parking, historic classification, and all required City of Miami Beach approvals. The existing properties may also be renovated or retained as rental housing. No development plans or unit count are approved or guaranteed, and independent municipal due diligence is required.
Key Highlights
- Eight existing rental units across two adjacent four‑unit multifamily properties
- Approximately 12,500 SF of combined land with approximately 100 feet of frontage
- RM‑1 multifamily district zoning
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
Yes
Paved road access
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 - Two adjacent multifamily properties offer existing rental units, RM-1 zoning, and public sewer service in Miami Beach.
Where is this quadplex located?
The property is located at 1784 Normandy Dr 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: Eight existing rental units across two adjacent four‑unit multifamily properties; Approximately 12,500 SF of combined land with approximately 100 feet of frontage; RM‑1 multifamily district zoning
