Renovated 16-Unit Apartment
For Sale
$3,800,000
7619 Abbott Avenue, Miami Beach, FL 33141
Two-story income property with updated building systems and refreshed unit interiors.
Property Size7,134 SF
Price / SF$532.66
Days on Market1643
Property Features for 7619 Abbott Avenue
General Information
Standard status
Active
Size
7,134 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Additional Details
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$35,904
Building Details
Year Built
1947
Stories
2
Listing Agency:
Premium Estates Realty Corp
Listed By:
Luis Dominguez · License #3348722
(305) 392-1089
Source:
Compass
Added: Mar 6, 2022
Changed: Sep 2
Last Checked: Sep 1 at 11:58PM
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 Premium Estates Realty Corp
Investment Insights
Based on property information with market context.
This two-story apartment building contains 16 units within 7,134 square feet and was originally built in 1947. Renovations include a new roof, updated plumbing, impact-resistant windows, air-conditioning units, lighting, bathrooms, and kitchens, creating a substantially refreshed residential income property.
The property is located at 7619 Abbott Avenue in Miami Beach, Florida, two blocks from the ocean. Its unit count, recent improvements, and coastal setting define the asset’s primary operating characteristics.
The property is located at 7619 Abbott Avenue in Miami Beach, Florida, two blocks from the ocean. Its unit count, recent improvements, and coastal setting define the asset’s primary operating characteristics.
Key Highlights
- 16‑unit apartment building
- 7,134 square feet across a two‑story building
- Renovated with new roof, plumbing, lighting, bathrooms, and kitchens
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
$109,716
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
2.89%
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%
$2,194,320
$2.2M
Cap Rate 7%
$1,567,371
$1.6M
Cap Rate 9%
$1,219,067
$1.2M
Market Conditions
NOI Build-Up for 7,134 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
$208.9K $29.28/SF
− Vacancy
−$9.4K −$1.32/SF
EGI
$199.5K $27.96/SF
− OpEx
−$89.8K −$12.58/SF
NOI
$109.7K $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%
$2,194,320
Cap Rate 7%
$1,567,371
Cap Rate 9%
$1,219,067
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,716 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.62M
$3.17M – $4.22M
NOI $253,357 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
2,057
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 - Two-story income property with updated building systems and refreshed unit interiors.
Where is this apartment building located?
The property is located at 7619 Abbott Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 16‑unit apartment building; 7,134 square feet across a two‑story building; Renovated with new roof, plumbing, lighting, bathrooms, and kitchens
