Historic Jerrico Apartments: 25
For Sale
$8,500,000
235 78th St, Miami Beach, FL 33141
25-unit short-term rental property in North Beach, Miami Beach.
Property Size15,719 SF
Lot Size0.38 Acres
Days on Market281
Property Features for 235 78th St
General Information
Standard status
Active
Size
15,719 SF
Lot size
0.38 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$93,205
Building Details
Building Size
15,719 SF
Year Built
1951
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Antonio Saladrigas · License #A12071932
(786) 378-1850
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 25
Last Checked: Sep 2 at 6:18PM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
The Historic Jerrico Apartments is a 25-unit property located in North Beach, Miami Beach. The building, designed by Tony Sherman, contains 20 one-bedroom units and 6 studios. Architectural features include a courtyard and rooftop deck. The property is zoned for short-term rentals. Recent improvements include new windows, doors, A/Cs, and an electrical panel. The property is positioned in North Beach, near South Beach.
Key Highlights
- Fully legal and zoned for short‑term rentals in Miami Beach.
- Potential to yield over $900k/year in short‑term rental income.
- 25‑unit building comprised of 20 one‑bedroom units and 6 studios.
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
$241,748
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
2.84%
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%
$4,834,960
$4.8M
Cap Rate 7%
$3,453,543
$3.5M
Cap Rate 9%
$2,686,089
$2.7M
Market Conditions
NOI Build-Up for 15,719 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
$460.3K $29.28/SF
− Vacancy
−$20.7K −$1.32/SF
EGI
$439.5K $27.96/SF
− OpEx
−$197.8K −$12.58/SF
NOI
$241.7K $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%
$4,834,960
Cap Rate 7%
$3,453,543
Cap Rate 9%
$2,686,089
Alternative Uses
Best Use
Apartment 5plus
$3.45M
$3.02M – $4.03M
NOI $241,748 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.97M
$6.98M – $9.30M
NOI $558,244 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,084
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 - 25-unit short-term rental property in North Beach, Miami Beach.
Where is this apartment building located?
The property is located at 235 78th St Miami Beach, FL.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Fully legal and zoned for short‑term rentals in Miami Beach.; Potential to yield over $900k/year in short‑term rental income.; 25‑unit building comprised of 20 one‑bedroom units and 6 studios.
