Eight-Unit Apartment
New
For Sale
$2,750,000
345 85th St, Miami Beach, FL 33141
MULTI_FAMILY - Miami Beach, FL
Property Size6,336 SF
Lot Size0.18 Acres
Price / SF$434.03
Days on Market5
Property Features for 345 85th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
3900
Parking
8
Parking features
Assigned
Subdivision
32
Standard status
Active
APN
02-32-02-005-0280
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
BEACH BAY SUB PB 44-25 LOT 5 BLK 4 LOT SIZE 60.000 X 128
Legal Description
BEACH BAY SUB PB 44-25 LOT 5 BLK 4 LOT SIZE 60.000 X 128
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1951
Number of units
8
Flooring type
Laminate, Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
Real Estate Sales Force
(305) 392-1497
Listed By:
Bryan Ozuna · License #3345322
(786) 546-9223
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 7 at 5:06AM
MLS# A12064481
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1951 apartment property in Miami Beach contains eight one-bedroom, one-bathroom units within 6,336 SF of improvements on a 7,680 SF lot. Seven units are occupied and one is vacant. The building has block construction, laminate and tile flooring, wall-furnace heating, a shingle roof, assigned parking, public water, and public sewer.
Located at 345 85th St, the property is near Miami Beach beaches, dining, shopping, entertainment, and major employment centers. RM-1 Multifamily Low Intensity zoning supports the property's apartment configuration. The site encompasses 0.1763 acres and includes 8 assigned parking spaces.
Located at 345 85th St, the property is near Miami Beach beaches, dining, shopping, entertainment, and major employment centers. RM-1 Multifamily Low Intensity zoning supports the property's apartment configuration. The site encompasses 0.1763 acres and includes 8 assigned parking spaces.
Key Highlights
- 8‑unit apartment property with eight 1‑bedroom, 1‑bathroom units
- 7 of 8 units occupied, with 1 vacant unit
- 6,336 SF of improvements on a 7,680 SF lot
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
$97,443
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
3.54%
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%
$1,948,860
$1.9M
Cap Rate 7%
$1,392,043
$1.4M
Cap Rate 9%
$1,082,700
$1.1M
Market Conditions
NOI Build-Up for 6,336 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
$185.5K $29.28/SF
− Vacancy
−$8.3K −$1.32/SF
EGI
$177.2K $27.96/SF
− OpEx
−$79.7K −$12.58/SF
NOI
$97.4K $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%
$1,948,860
Cap Rate 7%
$1,392,043
Cap Rate 9%
$1,082,700
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.62M
NOI $97,443 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.21M
$2.81M – $3.75M
NOI $225,016 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
765
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 - Eight one-bedroom apartments with assigned parking and RM-1 Multifamily Low Intensity zoning.
Where is this apartment building located?
The property is located at 345 85th St Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 8‑unit apartment property with eight 1‑bedroom, 1‑bathroom units; 7 of 8 units occupied, with 1 vacant unit; 6,336 SF of improvements on a 7,680 SF lot
