6-Unit Multifamily Apartment
For Sale
$1,150,000
Pending
1955 Normandy Dr, Miami Beach, FL 33141
A 6-unit multifamily building with on-site laundry and parking for all units in a tropical garden setting.
Property Size4,957 SF
Lot Size0.15 Acres
Days on Market3813
Property Features for 1955 Normandy Dr
General Information
Standard status
Pending
Size
4,957 SF
Lot size
0.15 Acres
Property subtype
General Commercial
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,057
Amenities
on-site laundry
on-site parking
tropical garden setting
3
6 Parking Spaces.
Building Details
Year Built
1956
Listing Agency:
Rich Homes of Florida
(305) 379-7202
Listed By:
Joseph Torregrossa · License #A12069474
(305) 491-7575
Source:
Xome
Added: Apr 2, 2016
Changed: Aug 8
Last Checked: Jul 25 at 3:49AM
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 Rich Homes of Florida
Investment Insights
Based on property information with market context.
1955 Normandy Dr is a 6-unit multifamily apartment building built in 1956, totaling 4,957 square feet. The property features four 2-bedroom/2-bath apartments and two 1-bedroom/1-bath apartments. On-site laundry is provided, and there is on-site parking for all units.
The building is described as having a tropical garden setting. The property’s remarks also reference Normandy Island and its proximity to golf, tennis, and the Miami Beach area.
For prospective tenants and buyers, the existing unit mix offers a combination of larger 2-bedroom/2-bath layouts and smaller 1-bedroom/1-bath units, supported by practical on-site amenities including laundry and dedicated parking for each unit.
The building is described as having a tropical garden setting. The property’s remarks also reference Normandy Island and its proximity to golf, tennis, and the Miami Beach area.
For prospective tenants and buyers, the existing unit mix offers a combination of larger 2-bedroom/2-bath layouts and smaller 1-bedroom/1-bath units, supported by practical on-site amenities including laundry and dedicated parking for each unit.
Key Highlights
- 6‑unit multifamily apartment building built in 1956
- 4,957 SF building on a 6,585 SF lot
- Unit mix: four 2‑bedroom/2‑bath units and two 1‑bedroom/1‑bath units
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
$76,235
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
6.63%
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%
$1,524,700
$1.5M
Cap Rate 7%
$1,089,071
$1.1M
Cap Rate 9%
$847,056
$847.1K
Market Conditions
NOI Build-Up for 4,957 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
$145.1K $29.28/SF
− Vacancy
−$6.5K −$1.32/SF
EGI
$138.6K $27.96/SF
− OpEx
−$62.4K −$12.58/SF
NOI
$76.2K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,524,700
Cap Rate 7%
$1,089,071
Cap Rate 9%
$847,056
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$952.9K – $1.27M
NOI $76,235 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $176,043 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,024
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?
Apartment building - A 6-unit multifamily building with on-site laundry and parking for all units in a tropical garden setting.
Where is this apartment building located?
The property is located at 1955 Normandy Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 6‑unit multifamily apartment building built in 1956; 4,957 SF building on a 6,585 SF lot; Unit mix: four 2‑bedroom/2‑bath units and two 1‑bedroom/1‑bath units
