Renovated Multifamily on Pine Tree
For Sale
$3,200,000
2822 Pine Tree Dr, Miami Beach, FL 33140
Boutique 12-unit multifamily property with modern finishes and strong income.
Property Size5,983 SF
Days on Market153
Property Features for 2822 Pine Tree Dr
General Information
Standard status
Active
Size
5,983 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$43,437
Building Details
Building Size
5,983 SF
Year Built
1935
Listing Agency:
The Keyes Company
Listed By:
Alexander D Blanco · License #3399763
(305) 308-2718
Source:
Elliman
Added: Apr 24
Changed: Sep 20
Last Checked: Sep 22 at 4:51PM
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 The Keyes Company
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 = 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
$92,014
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
2.88%
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%
$1,840,280
$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
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
$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 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%
$1,840,280
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.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,936
Businesses Nearby
Explore this area
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
Vacancy Rate% for Multifamily in South region
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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.
