Turnkey Four-Plex
For Sale
Contact for pricing
2120 Biarritz Dr, Miami Beach, FL 33141
Four fully remodeled units in a concrete-block building with impact windows, mini-split AC, terraces, and renovated pool.
Property Size3,492 SF
Price / SF$544.10
Days on Market56
Property Features for 2120 Biarritz Dr
General Information
Standard status
Active
Size
3,492 SF
Total Parking Spaces
5
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1956
Listing Agency:
EXP Realty, LLC
(786) 553-9199
Listed By:
Enrique Metauten · License #3276257
Source:
Crexi
Added: Jun 18
Changed: Jul 10
Last Checked: Aug 12 at 6:39AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This turnkey four-plex offers four residential units inside a solid concrete-block building originally built in the 1950s. The property is configured with two 1BR/1BA units and two 2BR units, including one 2/2 and one 2/1. All units have been fully remodeled and include new appliances, brand-new bathrooms, premium flooring, new impact windows, new water heaters, and efficient mini-split air conditioning. Interior layouts feature modern kitchens, extra-large living and dining areas, and ample closet space, while private terraces provide outdoor space with pool access.
Located in the Normandy Isles neighborhood of Miami Beach, the building is described as just moments from the beach as well as intracoastal waterways, parks, schools, supermarkets, and dining. The property also includes a renovated shared pool, lush and modern landscaping, an onsite laundry room, and five dedicated parking spaces.
For investors or owner-operators seeking a low-maintenance multifamily asset, this offering is presented as move-in ready with city-required certifications and inspections up to date and nothing pending. With multiple unit types, updated building systems, and shared amenities for tenant day-to-day convenience, the property is designed to support ongoing rental use. Measurements are approximate and the buyer should verify.
Located in the Normandy Isles neighborhood of Miami Beach, the building is described as just moments from the beach as well as intracoastal waterways, parks, schools, supermarkets, and dining. The property also includes a renovated shared pool, lush and modern landscaping, an onsite laundry room, and five dedicated parking spaces.
For investors or owner-operators seeking a low-maintenance multifamily asset, this offering is presented as move-in ready with city-required certifications and inspections up to date and nothing pending. With multiple unit types, updated building systems, and shared amenities for tenant day-to-day convenience, the property is designed to support ongoing rental use. Measurements are approximate and the buyer should verify.
Key Highlights
- Concrete‑block four‑plex built in 1956 with four fully remodeled units
- Unit mix: two 1BR/1BA (796 SF each) plus two 2BR units (one 2/2 and one 2/1, each ~950 SF)
- Updates include new impact windows, new water heaters, efficient mini‑split AC, and new appliances
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
$58,211
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
3.06%
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%
$1,164,220
$1.2M
Cap Rate 7%
$831,586
$831.6K
Cap Rate 9%
$646,789
$646.8K
Market Conditions
NOI Build-Up for 3,492 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
$88.0K $25.20/SF
− Vacancy
−$4.8K −$1.39/SF
EGI
$83.2K $23.81/SF
− OpEx
−$24.9K −$7.14/SF
NOI
$58.2K $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%
$1,164,220
Cap Rate 7%
$831,586
Cap Rate 9%
$646,789
Alternative Uses
Best Use
Multifamily LT 5
$831.6K
$727.6K – $970.2K
NOI $58,211 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$767.2K
$671.3K – $895.1K
NOI $53,705 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,015 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
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?
Quadplex - Four fully remodeled units in a concrete-block building with impact windows, mini-split AC, terraces, and renovated pool.
Where is this quadplex located?
The property is located at 2120 Biarritz Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Concrete‑block four‑plex built in 1956 with four fully remodeled units; Unit mix: two 1BR/1BA (796 SF each) plus two 2BR units (one 2/2 and one 2/1, each ~950 SF); Updates include new impact windows, new water heaters, efficient mini‑split AC, and new appliances
