Normandy Isle Multifamily Development
For Sale
$2,650,000
1910 and 1920 Biarritz Drive, Miami Beach, FL 33141
Two contiguous lots with 8 units, development potential near the bay.
Property Size5,764 SF
Lot Size0.31 Acres
Price / SF$459.75
Days on Market211
Property Features for 1910 and 1920 Biarritz Drive
General Information
Standard status
Active
Size
5,764 SF
Lot size
0.31 Acres
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1948
Listing Agency:
Howard Chase Real Estate,LLC
Listed By:
Howard Chase · License #3175255
(786) 566-3505
Source:
Onesothebysrealty
Added: Mar 26
Changed: Oct 12
Last Checked: Oct 20 at 11:44PM
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 Howard Chase Real Estate,LLC
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Investment Insights
Based on property information with market context.
This is an extremely rare opportunity to acquire two prime, contiguous lots located one block from the bay in the burgeoning Normandy Isle neighborhood. The combined lots span 13,324 square feet and feature a turnkey 4-plex on each, totaling 8 units. Each unit contains one bedroom and one bathroom. This property presents a spectacular development opportunity to build a 5-story building with the potential for 18 or more units, parking, and a pool, depending on the design configuration. The location is just steps from Normandy Isle Park, the golf course, multi-million dollar waterfront homes, and Walgreens. It is also located just minutes from the beach, Publix, and the mainland. This is an investment opportunity that is relentlessly sought and almost never found.
Key Highlights
- Two contiguous lots totaling 13,324 sq ft in Normandy Isle.
- Development opportunity for a 5‑story building with 18+ units, parking, and pool.
- One block from the bay in a desirable location.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$96,085
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,921,700
$1.9M
Cap Rate 7%
$1,372,643
$1.4M
Cap Rate 9%
$1,067,611
$1.1M
Market Conditions
NOI Build-Up for 5,764 SF
Gross rent
$145.3K $25.20/SF
− Vacancy
−$8.0K −$1.39/SF
EGI
$137.3K $23.81/SF
− OpEx
−$41.2K −$7.14/SF
NOI
$96.1K $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%
$1,921,700
Cap Rate 7%
$1,372,643
Cap Rate 9%
$1,067,611
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.60M
NOI $96,085 @ 7.0% cap · market cap 3.63%
Second Best
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,646 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$2.92M
$2.56M – $3.41M
NOI $204,702 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,005
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Two contiguous lots with 8 units, development potential near the bay.
Where is this quadplex located?
The property is located at 1910 and 1920 Biarritz Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Two contiguous lots totaling 13,324 sq ft in Normandy Isle.; Development opportunity for a **5‑story building with 18+ units, parking, and pool.**; One block from the bay in a desirable location.
