Waterfront Apartment
For Sale
$1,998,000
2005-2023 Calais Drive, Miami Beach, FL 33141
Existing apartments offer a varied unit mix and direct waterfront positioning in Normandy Isle.
Property Size9,802 SF
Price / SF$203.84
Days on Market2273
Property Features for 2005-2023 Calais Drive
General Information
Standard status
Active
Size
9,802 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Units
Unit Mix
4 x 2BD, 4 x 1BD, 1 x 3BD, 1 x studio
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$31,683
Building Details
Year Built
1949
Listing Agency:
Urban Resource LLC
Listed By:
Laura Veitia · License #0620486
(305) 403-2424
Source:
Compass
Added: Jun 16, 2020
Changed: Sep 2
Last Checked: Sep 4 at 2:49PM
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 Urban Resource LLC
Investment Insights
Based on property information with market context.
This apartment property, built in 1949, contains 10 units arranged as four two-bedroom apartments, four one-bedroom apartments, one three-bedroom apartment, and one studio. The site includes 143 linear feet of waterfront and provides an existing multifamily configuration for evaluation.
The property is located at 2005-2023 Calais Drive in Miami Beach’s Normandy Isle. Nearby amenities identified in the property information include Normandy Shores Golf Course, bayfront tennis facilities, Normandy Pool & Park, and Normandy Fountain. The surrounding area includes single-family neighborhoods, and the neighborhood is identified as allowing redevelopment.
The property is located at 2005-2023 Calais Drive in Miami Beach’s Normandy Isle. Nearby amenities identified in the property information include Normandy Shores Golf Course, bayfront tennis facilities, Normandy Pool & Park, and Normandy Fountain. The surrounding area includes single-family neighborhoods, and the neighborhood is identified as allowing redevelopment.
Key Highlights
- 10‑unit apartment property with 4 2BDs, 4 1BDs, 1 3BD, and 1 studio
- 143 linear feet of waterfront
- Built in 1949
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
$150,748
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
7.54%
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%
$3,014,960
$3.0M
Cap Rate 7%
$2,153,543
$2.2M
Cap Rate 9%
$1,674,978
$1.7M
Market Conditions
NOI Build-Up for 9,802 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
$287.0K $29.28/SF
− Vacancy
−$12.9K −$1.32/SF
EGI
$274.1K $27.96/SF
− OpEx
−$123.3K −$12.58/SF
NOI
$150.7K $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%
$3,014,960
Cap Rate 7%
$2,153,543
Cap Rate 9%
$1,674,978
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,748 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.97M
$4.35M – $5.80M
NOI $348,108 @ 7.0% cap · market cap 17.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
929
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 - Existing apartments offer a varied unit mix and direct waterfront positioning in Normandy Isle.
Where is this apartment building located?
The property is located at 2005-2023 Calais Drive Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: 10‑unit apartment property with 4 2BDs, 4 1BDs, 1 3BD, and 1 studio; 143 linear feet of waterfront; Built in 1949
