Eight-Unit Multifamily with In-Unit
632 15th St Miami Beach, FL 33139
632 15th St, Miami Beach, FL, 33139
$2,650,000
For Sale
$2,650,000
MULTI_FAMILY - Other - Miami Beach, FL
Property Size5,939 SF
Price / SF$446.20
Days on Market47
Property Features for 632 15th St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Rooms
- Bathroom 4, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 7, Bedroom 8, Bedroom 5, Bedroom 1, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 2, Bathroom 8, Bathroom 3, Bedroom 7
- Parking
- 2
- 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
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating)
- Cooling system
- Central Air
Building Details
- Year built
- 1930
- Floors in Building
- 2
- Flooring type
- Hardwood, Wood, Tile
- Building materials
- Block
- Architectural style
- Other
Listing Agency
Fortune International Realty
(305) 400-6393
1300 Brickell Ave., Miai, FL
Listed by
Jordan Lederman · License #3245821
(248) 701-5200
Added: Jun 1 Checked: Jul 17 at 8:06 pm
MLS# A11940926
Listing URL
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.
The Elizabeth is an eight-unit multifamily property offering updated one-bedroom, one-bath layouts. Each unit features central A/C and an in-unit washer & dryer. Additional building features include impact windows, gated access, and private outdoor space, supporting day-to-day tenant comfort.
The property is located at 632 15th St in Miami Beach, just steps from Lincoln Road, Flamingo Park, Espanola Way, and the beach. The RM-1 zoning is noted, and the building is described as fully 40-year recertified.
This is a turnkey, income-generating asset with 100% leased occupancy, with the listing stating current rent generation of over $210,000+. For prospective owners or operators seeking a small, fully leased multifamily setup with in-unit laundry, central A/C, and the stated RM-1 zoning and recertification status, The Elizabeth is positioned as a practical acquisition in a tightly held South Beach rental corridor.
The property is located at 632 15th St in Miami Beach, just steps from Lincoln Road, Flamingo Park, Espanola Way, and the beach. The RM-1 zoning is noted, and the building is described as fully 40-year recertified.
This is a turnkey, income-generating asset with 100% leased occupancy, with the listing stating current rent generation of over $210,000+. For prospective owners or operators seeking a small, fully leased multifamily setup with in-unit laundry, central A/C, and the stated RM-1 zoning and recertification status, The Elizabeth is positioned as a practical acquisition in a tightly held South Beach rental corridor.
Key Highlights
- Prime South Beach location, steps from key attractions
- High‑rent asset generating over $210,000+ annually with potential for increased rents
- Each unit features central A/C and in‑unit washer & dryer
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $173.9k | $29.28 |
| − Vacancy | −$7.8k | −$1.32 |
| EGI | $166.1k | $27.96 |
| − OpEx | −$74.7k | −$12.58 |
| NOI | $91.3k | $15.38 |
5,939 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Eight updated one-bedroom units with central A/C and in-unit washer/dryer, currently 100% leased in South Beach.
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: Prime South Beach location, steps from key attractions; High‑rent asset generating over $210,000+ annually with potential for increased rents; Each unit features central A/C and in‑unit washer & dryer
