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 Market326
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 #3502121
(786) 378-1850
Source:
Elliman
Added: Nov 27, 2025
Changed: Oct 12
Last Checked: Oct 19 at 8:27AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$241,748
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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.
