Eight-Unit Multifamily
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For Sale
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1794 Normandy Dr, Miami Beach, FL 33141
Two adjacent multifamily properties provide eight existing rental units with redevelopment planning potential subject to approvals.
Property Size3,000 SF
Lot Size0.29 Acres
Price / SF$458.33
Days on Market6
Property Features for 1794 Normandy Dr
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.29 Acres
Property subtype
Multifamily
Zoning
3900
Additional Details
Multifamily Units
8
Building Details
Year Built
1946
Buildings
2
Stories
2
Listing Agency:
Beachfront Realty Inc
(305) 405-0615
Listed By:
Franck Aravya · License #3139678
Source:
Crexi
Added: Aug 11
Changed: Aug 15
Last Checked: Aug 15 at 7:40AM
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 multifamily assemblage combines two adjacent four-unit properties, offering eight existing rental units across approximately 12,500 SF of combined land. The buildings date to 1946 and are being offered together for continued rental use, renovation, or further evaluation of the combined site.
The properties are located at 1784 and 1794 Normandy Drive in Miami Beach, with approximately 100 feet of combined frontage. The site lies within the North Beach National Register Conservation District Overlay. Preliminary conceptual planning depicts approximately 12 townhouses in two six-unit modules, but the concept is not approved or guaranteed and remains subject to zoning, FAR, parking, historic classification, City approvals, and buyer due diligence.
The properties are located at 1784 and 1794 Normandy Drive in Miami Beach, with approximately 100 feet of combined frontage. The site lies within the North Beach National Register Conservation District Overlay. Preliminary conceptual planning depicts approximately 12 townhouses in two six-unit modules, but the concept is not approved or guaranteed and remains subject to zoning, FAR, parking, historic classification, City approvals, and buyer due diligence.
Key Highlights
- Eight existing rental units across two adjacent four‑unit multifamily properties
- Approximately 12,500 SF of combined land
- Approximately 100 feet of frontage
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
$50,009
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
3.64%
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%
$1,000,180
$1.0M
Cap Rate 7%
$714,414
$714.4K
Cap Rate 9%
$555,656
$555.7K
Market Conditions
NOI Build-Up for 3,000 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
$75.6K $25.20/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$71.4K $23.81/SF
− OpEx
−$21.4K −$7.14/SF
NOI
$50.0K $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%
$1,000,180
Cap Rate 7%
$714,414
Cap Rate 9%
$555,656
Alternative Uses
Best Use
Multifamily LT 5
$714.4K
$625.1K – $833.5K
NOI $50,009 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$659.1K
$576.7K – $769.0K
NOI $46,138 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,542 @ 7.0% cap · market cap 7.75%
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?
Multifamily property - Two adjacent multifamily properties provide eight existing rental units with redevelopment planning potential subject to approvals.
Where is this multifamily property located?
The property is located at 1794 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; Approximately 100 feet of frontage
