Four-Unit Multifamily
For Sale
$1,810,000
1791 Marseille Drive, Miami Beach, FL 33141
Well-maintained four-unit property with spacious 2BR/1BA layouts and RM-1 zoning on a 5,500 SF lot.
Property Size3,872 SF
Price / SF$467.46
Days on Market157
Property Features for 1791 Marseille Drive
General Information
Standard status
Active
Size
3,872 SF
Property subtype
Residential Income
Zoning
3900
Taxes and HOA fees
Annual Taxes
$16,992
Building Details
Building Size
3,872 SF
Year Built
1945
Stories
2
Listing Agency:
Beachfront Realty Inc
Listed By:
Marilina R Apfelbaum · License #0662372
(786) 287-3633
Source:
Laerrealty
Added: Apr 2
Changed: Sep 4
Last Checked: Sep 5 at 4:01AM
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 well-maintained four-unit multifamily quadplex offers four spacious 2-bedroom, 1-bath apartments in a total approximate size of 3,872 square feet. The property is currently configured as four separate residential units, with a simple, income-generating layout designed for long-term occupancy.
Located in Normandy Isles, the property is described as being centrally positioned minutes from the beach, Normandy Fountain, and nearby shops and dining. The site sits on a 5,500 SF lot and is identified with RM-1 zoning, which may provide flexibility for future options while supporting long-term ownership.
Offered for sale as a 4-unit residential income opportunity, the asset is presented as an investor value-add with the ability to increase cash flow.
Located in Normandy Isles, the property is described as being centrally positioned minutes from the beach, Normandy Fountain, and nearby shops and dining. The site sits on a 5,500 SF lot and is identified with RM-1 zoning, which may provide flexibility for future options while supporting long-term ownership.
Offered for sale as a 4-unit residential income opportunity, the asset is presented as an investor value-add with the ability to increase cash flow.
Key Highlights
- Well‑maintained 4‑unit multifamily built in 1945
- Four spacious 2BR/1BA units totaling approximately 3,872 SF
- 5,500 SF lot with RM‑1 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
$64,545
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
3.57%
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%
$1,290,900
$1.3M
Cap Rate 7%
$922,071
$922.1K
Cap Rate 9%
$717,167
$717.2K
Market Conditions
NOI Build-Up for 3,872 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
$97.6K $25.20/SF
− Vacancy
−$5.4K −$1.39/SF
EGI
$92.2K $23.81/SF
− OpEx
−$27.7K −$7.14/SF
NOI
$64.5K $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%
$1,290,900
Cap Rate 7%
$922,071
Cap Rate 9%
$717,167
Alternative Uses
Best Use
Multifamily LT 5
$922.1K
$806.8K – $1.08M
NOI $64,545 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$850.7K
$744.4K – $992.5K
NOI $59,549 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,510 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,080
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit property with spacious 2BR/1BA layouts and RM-1 zoning on a 5,500 SF lot.
Where is this quadplex located?
The property is located at 1791 Marseille Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,810,000.
What are key features of this property?
This property features: Well‑maintained 4‑unit multifamily built in 1945; Four spacious 2BR/1BA units totaling approximately 3,872 SF; 5,500 SF lot with RM‑1 zoning
