Eight-Unit Multifamily
For Sale
$1,375,000
1794 Normandy Drive, 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 Market72
Property Features for 1794 Normandy Drive
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.29 Acres
Property subtype
Quadruplex
Zoning
RM-1
Additional Details
Multifamily Units
8
Building Details
Year Built
1946
Buildings
2
Listing Agency:
Beachfront Realty Inc
(305) 534-4242
Listed By:
Franck Aravya · License #3139678
(305) 989-9312
Source:
Lehmannflorida
Added: Aug 11
Changed: Oct 19
Last Checked: Oct 20 at 9:34PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$50,009
Cap Rate
3.64%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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 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: Eight existing rental units across two adjacent four‑unit multifamily properties; Approximately 12,500 SF of combined land; Approximately 100 feet of frontage
