Remodeled Six-Unit Apartment
For Sale
$1,110,000
Pending
7500 Dickens Ave, Miami Beach, FL 33141
Corner-lot apartment property with six remodeled, rented units and on-site laundry.
Property Size3,191 SF
Days on Market2863
Property Features for 7500 Dickens Ave
General Information
Standard status
Pending
Size
3,191 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$13,521
Amenities
laundry room
3
50
Building Details
Year Built
1951
Buildings
1
Listing Agency:
(305) 672-6300
Listed By:
Coldwell Banker Residential Real Estate
(305) 962-3062
Source:
Xome
Added: Nov 3, 2018
Changed: Sep 3
Last Checked: Aug 30 at 8:13AM
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 Coldwell Banker Residential Real Estate
Investment Insights
Based on property information with market context.
This apartment building contains six remodeled units that are currently rented, along with a dedicated laundry room on site. The property was built in 1951 and occupies a corner lot, providing a straightforward multifamily configuration in Miami Beach.
Located at 7500 Dickens Ave in the North Beach area, the property is near the beach and North Shore Park. Its existing rental occupancy and on-site laundry feature are established components of the property.
Located at 7500 Dickens Ave in the North Beach area, the property is near the beach and North Shore Park. Its existing rental occupancy and on-site laundry feature are established components of the property.
Key Highlights
- Six remodeled, rented apartment units
- On‑site laundry room
- Corner‑lot apartment building
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
$49,075
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
4.42%
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%
$981,500
$981.5K
Cap Rate 7%
$701,071
$701.1K
Cap Rate 9%
$545,278
$545.3K
Market Conditions
NOI Build-Up for 3,191 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
$93.4K $29.28/SF
− Vacancy
−$4.2K −$1.32/SF
EGI
$89.2K $27.96/SF
− OpEx
−$40.2K −$12.58/SF
NOI
$49.1K $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%
$981,500
Cap Rate 7%
$701,071
Cap Rate 9%
$545,278
Alternative Uses
Best Use
Apartment 5plus
$701.1K
$613.4K – $817.9K
NOI $49,075 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,325 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,084
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 - Corner-lot apartment property with six remodeled, rented units and on-site laundry.
Where is this apartment building located?
The property is located at 7500 Dickens Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,110,000.
What are key features of this property?
This property features: Six remodeled, rented apartment units; On‑site laundry room; Corner‑lot apartment building
