Renovated Multifamily on Pine Tree
2822 Pine Tree Dr, Miami Beach, FL 33140
For Sale
$3,200,000
Boutique 12-unit multifamily property with modern finishes and strong income.
Property Size5,983 SF
Days on Market198
Property Features for 2822 Pine Tree Dr
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Units
Listing Agency:
Compass Florida, LLC
Listed By:
Jeffrey Corriolan PA · License #3259001
(305) 542-6470
Source:
Elliman
Added: Apr 24
Changed: Nov 7
Last Checked: Nov 6 at 9:07AM
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 Compass Florida, LLC
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Investment Insights
Based on property information with market context.
The property is a fully renovated 12-unit multifamily building located on Pine Tree Drive. It features modern finishes and Art Deco charm. The property has a proven rent roll of $291,000 gross with a net operating income of approximately $215,350. The units have been upgraded and feature premium kitchens, sleek baths, and in-unit laundry in most residences. Outdoor spaces include hammocks, shaded seating, and café-style areas. The property is a short walk to the beach and steps from the new $42.8 million Bayshore Park, which includes 19 acres of green space, tennis courts, a dog park, and enhanced security. The location is considered desirable and ensures long-term appreciation and high tenant demand. The property is suitable for investors seeking steady yield and premium positioning.
Key Highlights
- Fully renovated 12‑unit multifamily property on prestigious Pine Tree Drive in Miami Beach.
- Strong in‑place income with a proven rent roll of $291,000 gross and NOI of approximately $215,350.
- Upgraded units featuring premium kitchens, sleek baths, and in‑unit laundry in most residences.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,014
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,840,280
$1.8M
Cap Rate 7%
$1,314,486
$1.3M
Cap Rate 9%
$1,022,378
$1.0M
Market Conditions
NOI Build-Up for 5,983 SF
Gross rent
$175.2K $29.28/SF
− Vacancy
−$7.9K −$1.32/SF
EGI
$167.3K $27.96/SF
− OpEx
−$75.3K −$12.58/SF
NOI
$92.0K $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%
$1,840,280
Cap Rate 7%
$1,314,486
Cap Rate 9%
$1,022,378
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $92,014 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.54M
NOI $212,480 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
2,936
Businesses Nearby
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Business Placement
Demographics for 33140, FL
19,315
Population
16,000
Households
1.2
Avg Household Size
46
Median Age
62%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,231
Density / Sq Mi
$103,898
Median Household Income
$65,708
Median Earnings
$2,020
Median Rent
$863,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Miami Beach, FL
Properties on Market for Apartment buildings in Miami Beach
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Boutique 12-unit multifamily property with modern finishes and strong income.
Where is this apartment building located?
The property is located at 2822 Pine Tree Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Fully renovated 12‑unit multifamily property on prestigious Pine Tree Drive in Miami Beach.; Strong in‑place income with a proven rent roll of $291,000 gross and NOI of approximately $215,350.; Upgraded units featuring premium kitchens, sleek baths, and in‑unit laundry in most residences.
