Six-Unit Apartment
For Sale
$2,200,000
625 MICHIGAN Avenue, Miami Beach, FL 33139
Two-building apartment property with varied floor plans, patio-equipped residences, and separately metered utilities.
Property Size6,534 SF
Price / SF$381.15
Days on Market12
Property Features for 625 MICHIGAN Avenue
General Information
Standard status
Active
Size
6,534 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 2/1, 1 x 1/1, 1 x 2/2, 1 x 3/2
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$24,454
Amenities
patios
Building Details
Building Size
6,534 SF
Year Built
1936
Buildings
2
Listing Agency:
Llinas Realty Group, Inc
Listed By:
Wilfredo Llinas · License #306029
Source:
Silverleafrealtygroup
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 2 at 2:10AM
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 Llinas Realty Group, Inc
Investment Insights
Based on property information with market context.
This six-apartment property comprises an Art Deco front building and a connected rear building. The front structure contains three 2/1 apartments and one 1/1 apartment, while the rear building offers a ground-floor 2/2 and a second-floor 3/2 with a den. Both apartments in the rear building include patios.
Utility service is separately metered for each residence, with six individual electric meters. The front building also has gas service with separate gas meters, while the rear building is electric only. The property is located at 625 Michigan Avenue in Miami Beach, within walking distance of the beach, Publix, Target, CVS, and Walgreens.
Utility service is separately metered for each residence, with six individual electric meters. The front building also has gas service with separate gas meters, while the rear building is electric only. The property is located at 625 Michigan Avenue in Miami Beach, within walking distance of the beach, Publix, Target, CVS, and Walgreens.
Key Highlights
- Six apartments with a mix of 1/1, 2/1, 2/2, and 3/2 layouts
- Rear building includes a second‑floor 3/2 apartment with a den
- Both rear‑building apartments feature patios
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
$88,769
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
4.03%
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%
$1,775,380
$1.8M
Cap Rate 7%
$1,268,129
$1.3M
Cap Rate 9%
$986,322
$986.3K
Market Conditions
NOI Build-Up for 5,772 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
$169.0K $29.28/SF
− Vacancy
−$7.6K −$1.32/SF
EGI
$161.4K $27.96/SF
− OpEx
−$72.6K −$12.58/SF
NOI
$88.8K $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%
$1,775,380
Cap Rate 7%
$1,268,129
Cap Rate 9%
$986,322
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,769 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.56M – $3.42M
NOI $204,987 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,367
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
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 - Two-building apartment property with varied floor plans, patio-equipped residences, and separately metered utilities.
Where is this apartment building located?
The property is located at 625 MICHIGAN Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Six apartments with a mix of 1/1, 2/1, 2/2, and 3/2 layouts; Rear building includes a second‑floor 3/2 apartment with a den; Both rear‑building apartments feature patios
