8-Unit Apartment
For Sale
$2,140,000
7124 Bay Dr, Miami Beach, FL 33141
Fully leased multifamily property with studio and one-bedroom residences, impact windows, and individual split-system air conditioning.
Property Size4,732 SF
Days on Market256
Property Features for 7124 Bay Dr
General Information
Standard status
Active
Size
4,732 SF
Property subtype
Income/MultiFamily
Occupancy
100%
Units
Unit Mix
4 x studio, 4 x 1BR/1BA
Multifamily Units
8
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$28,380
Building Details
Building Size
4,732 SF
Year Built
1940
Buildings
1
Listing Agency:
One Sotheby's International Realty
(786) 267-7320
Listed By:
Brigitte Lina · License #3179748
Source:
Relinkre
Added: Dec 3, 2025
Changed: Aug 14
Last Checked: Aug 16 at 3:31PM
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.
Built in 1940, this fully leased 8-unit apartment property includes 4 studio apartments and 4 one-bedroom, one-bath residences. Each apartment features a full kitchen, updated bathroom, impact windows, and a split A/C system. Electrical and plumbing systems have also been upgraded, and the building’s 40-year certification has been completed.
The property is located in the Normandy Isles neighborhood of Miami Beach, with access to the beach, public transportation, shops, restaurants, and major Miami destinations. The unit mix and completed building improvements provide a clearly defined multifamily configuration in an established residential setting.
The property is located in the Normandy Isles neighborhood of Miami Beach, with access to the beach, public transportation, shops, restaurants, and major Miami destinations. The unit mix and completed building improvements provide a clearly defined multifamily configuration in an established residential setting.
Key Highlights
- Fully leased 8‑unit multifamily property
- Unit mix includes 4 studios and 4 one‑bedroom, one‑bath apartments
- Impact windows and split A/C units in every apartment
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
$72,775
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
3.40%
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%
$1,455,500
$1.5M
Cap Rate 7%
$1,039,643
$1.0M
Cap Rate 9%
$808,611
$808.6K
Market Conditions
NOI Build-Up for 4,732 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
$138.6K $29.28/SF
− Vacancy
−$6.2K −$1.32/SF
EGI
$132.3K $27.96/SF
− OpEx
−$59.5K −$12.58/SF
NOI
$72.8K $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%
$1,455,500
Cap Rate 7%
$1,039,643
Cap Rate 9%
$808,611
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$909.7K – $1.21M
NOI $72,775 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,052 @ 7.0% cap · market cap 7.85%
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
2,355
Businesses Nearby
Explore this area
Business Placement
Demographics for 33141, FL
35,995
Population
21,793
Households
1.7
Avg Household Size
44
Median Age
44%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
15,650
Density / Sq Mi
$64,457
Median Household Income
$36,899
Median Earnings
$1,739
Median Rent
$434,500
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 - Fully leased multifamily property with studio and one-bedroom residences, impact windows, and individual split-system air conditioning.
Where is this apartment building located?
The property is located at 7124 Bay Dr Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,140,000.
What are key features of this property?
This property features: Fully leased 8‑unit multifamily property; Unit mix includes 4 studios and 4 one‑bedroom, one‑bath apartments; Impact windows and split A/C units in every apartment
