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    Waterfront Mediterranean Style Fourplex Title is generated by Realmo AI

    3921 Meridian Avenue, Miami Beach, FL 33140

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    For Sale
    $8,995,000

    Mediterranean-style fourplex with waterfront views and potential owner financing.

    Type:Multi-Family Income / Fourplex
    Property size:
    5,366 SF
    Price / SF:
    $1,676/SF
    Added:
    Sep 2, 2024
    Days on Market:
    642
    Last Refresh:
    Mar 20 at 10:44 pm

    Property Features for 3921 Meridian Avenue

    General Information

    Standard status
    Active
    Size
    5,366 SF
    Property subtype
    Multi-Family Income / Fourplex

    Building Details

    Year Built
    1956

    We can help!

    Listing Contact
    Gustavo Gutierrez
    Gustavo Gutierrez

    Listing agent Gustavo Gutierrez License #3253915

    Listing office Florida Relocation Team, LLC

    Listing date Sep 2, 2024

    Source Compass

    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 Florida Relocation Team, LLC

    HighLights

    • Waterfront Mediterranean‑style 4plex with gorgeous views and landscaped grounds.
    • Owner financing available with 35% down and 6% interest.
    • Hurricane impact windows and doors for peace of mind.
    • Potential for boat dockage on custom wooden decks.
    • Each apartment has 2 large bedrooms and 2 full bathrooms (6 of 8 bathrooms remodeled).
    • Easily converted to a single‑family residence.

    Overview

    This Mediterranean-style fourplex is situated on the water, offering views and landscaped grounds. Each apartment features 2 large bedrooms and 2 full bathrooms, with 6 of the 8 bathrooms having been remodeled. Custom wooden decks provide boat dockage and relaxation space. The property has saltwater access with restrictions. Four of the bedrooms have Juliet-style balconies, and four bedrooms include ground-floor terraces. Two units overlook the water. In-unit washer/dryers are present in 3 of the 4 units, with an additional on-site washer/dryer available. Hurricane impact windows and doors are installed. Each unit has two tandem parking spaces. The property is subject to 40/50/60 Year Recertification. The landscaping is well-maintained, and there is a courtyard. The location provides proximity to 41st Street, Julia Tuttle Causeway, I-95, and South Beach. The building could be converted to a single-family residence. Owner financing is possible with 35% down and 6% interest. The property size is 5366 square feet.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.133203
    Latitude
    25.812282

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    FAQs

    What type of property is this?
    Quadplex - Mediterranean-style fourplex with waterfront views and potential owner financing.
    Where is this quadplex located?
    The property is located at 3921 Meridian Avenue Miami Beach, FL.
    What is the asking price?
    The asking price for this property is $8,995,000.
    What are key features of this property?
    This property features: Waterfront Mediterranean‑style 4plex with gorgeous views and landscaped grounds.; Owner financing available with 35% down and 6% interest.; Hurricane impact windows and doors for peace of mind.
    (772) 801-5729
    We can help!
    Listing Contact
    Gustavo Gutierrez
    Gustavo Gutierrez
    Real Estate License ID: 3253915
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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