Four-Unit Quadplex
For Sale
$2,500,000
3909 Garden Ave, Miami Beach, FL 33140
Completely redesigned four-unit property with 2-bedroom units featuring central AC and in-unit washers and dryers.
Property Size5,200 SF
Price / SF$480.77
Days on Market364
Property Features for 3909 Garden Ave
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$22,115
Amenities
Central Air, Electric
3
Parking.
On Street.
Security Lighting. City Road.
Building Details
Year Built
1948
Tenancy
Multi
Listing Agency:
One Sotheby's International Realty
(305) 935-0300
Listed By:
Brigitte Lina · License #3179748
(786) 267-7320
Source:
Xome
Added: Sep 7, 2025
Changed: Sep 2
Last Checked: Sep 5 at 5:18AM
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 One Sotheby's International Realty
Investment Insights
Based on property information with market context.
This completely redesigned four-unit quadplex offers spacious 2-bedroom apartments, each with an open kitchen, custom closets, central A/C, impact windows, and in-unit washers and dryers. The building is presented with top-of-the-line materials and contemporary finishes.
Located in Miami Beach in a desirable residential area surrounded by multimillion-dollar villas, the property is described as being close to restaurants, offices, and beaches. The remarks also note it is approximately 20 minutes from Miami International Airport and major highways.
All units are currently leased to qualified tenants, providing immediate income with the stability described in the offering.
Located in Miami Beach in a desirable residential area surrounded by multimillion-dollar villas, the property is described as being close to restaurants, offices, and beaches. The remarks also note it is approximately 20 minutes from Miami International Airport and major highways.
All units are currently leased to qualified tenants, providing immediate income with the stability described in the offering.
Key Highlights
- Four‑unit building with spacious 2‑bedroom apartments, each approximately 1,000 SF
- Each unit features central AC, open kitchens, custom closets, and impact windows
- In‑unit laundry: washers and dryers included in the apartments
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
$86,683
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
3.47%
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%
$1,733,660
$1.7M
Cap Rate 7%
$1,238,329
$1.2M
Cap Rate 9%
$963,144
$963.1K
Market Conditions
NOI Build-Up for 5,200 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
$131.0K $25.20/SF
− Vacancy
−$7.2K −$1.39/SF
EGI
$123.8K $23.81/SF
− OpEx
−$37.1K −$7.14/SF
NOI
$86.7K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,733,660
Cap Rate 7%
$1,238,329
Cap Rate 9%
$963,144
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,683 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$1.14M
$999.7K – $1.33M
NOI $79,972 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,673 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,624
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Completely redesigned four-unit property with 2-bedroom units featuring central AC and in-unit washers and dryers.
Where is this quadplex located?
The property is located at 3909 Garden Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Four‑unit building with spacious 2‑bedroom apartments, each approximately 1,000 SF; Each unit features central AC, open kitchens, custom closets, and impact windows; In‑unit laundry: washers and dryers included in the apartments
