8-Unit Apartment Building with Central
For Sale
$2,650,000
632 15th St, Miami Beach, FL 33139
Residential Income, Miami Beach, FL
Property Size5,939 SF
Price / SF$446.20
Days on Market93
Property Features for 632 15th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Bedrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bathroom 6, Bathroom 2, Bathroom 7, Bedroom 3, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 4, Bathroom 5, Bathroom 8, Bedroom 2, Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 8
Parking
2
Subdivision
LINCOLN SUB
Lot features
< 1/4 Acre
Standard status
Active
APN
02-32-34-002-1890
Size
5,939 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LINCOLN SUB PB 9-69 LOT 4 BLK 73 LOT SIZE 60.000 X 100 OR 17978-1222 0198 1 COC 25716-0601 06 2007 5
Tax Annual Amount
32992
Legal Description
LINCOLN SUB PB 9-69 LOT 4 BLK 73 LOT SIZE 60.000 X 100 OR 17978-1222 0198 1 COC 25716-0601 06 2007 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Amenities
central A/C
in-unit washer & dryer
impact windows
gated access
private outdoor space
Building Details
Year built
1930
Floors in Building
2
Flooring type
Tile, Hardwood, Wood
Building materials
Block
Architectural style
Other
Listing Agency:
Fortune International Realty
(305) 400-6393
Listed By:
Jordan Lederman · License #3245821
(248) 701-5200
Added: Jun 1
Changed: Aug 26
Last Checked: Sep 1 at 9:06AM
MLS# A11940926
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 8-unit apartment property contains eight updated one-bedroom, one-bath residences within a 5,939-square-foot building constructed in 1930. Every unit is equipped with central air and an in-unit washer and dryer. Additional improvements include impact windows, gated entry, and private outdoor areas. The building has block construction, hardwood and tile flooring, electric heating, cable availability, and public sewer service.
The property is located at 632 15th St in Miami Beach, near Lincoln Road, Flamingo Park, Espanola Way, and the beach. It is zoned RM-1, has completed its 40-year recertification, and is reported as 100% leased. The combination of unit-level amenities, secured access, and established physical improvements supports its multifamily use in the South Beach area.
The property is located at 632 15th St in Miami Beach, near Lincoln Road, Flamingo Park, Espanola Way, and the beach. It is zoned RM-1, has completed its 40-year recertification, and is reported as 100% leased. The combination of unit-level amenities, secured access, and established physical improvements supports its multifamily use in the South Beach area.
Key Highlights
- 8‑unit apartment building with 5,939 square feet
- Eight 1‑bed/1‑bath units
- 100% leased
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
$91,338
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
3.45%
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%
$1,826,760
$1.8M
Cap Rate 7%
$1,304,829
$1.3M
Cap Rate 9%
$1,014,867
$1.0M
Market Conditions
NOI Build-Up for 5,939 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
$173.9K $29.28/SF
− Vacancy
−$7.8K −$1.32/SF
EGI
$166.1K $27.96/SF
− OpEx
−$74.7K −$12.58/SF
NOI
$91.3K $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%
$1,826,760
Cap Rate 7%
$1,304,829
Cap Rate 9%
$1,014,867
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,338 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.64M – $3.52M
NOI $210,917 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
8,703
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Each residence includes in-unit laundry, central air, and private outdoor space.
Where is this apartment building located?
The property is located at 632 15th St Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 8‑unit apartment building with 5,939 square feet; Eight 1‑bed/1‑bath units; 100% leased
