8-Unit Multifamily Income
For Sale
$1,795,000
7635 Dickens Ave, Miami Beach, FL 33141
For sale 8-unit multifamily building with an existing tenant base featuring below-market rents.
Property Size4,765 SF
Days on Market153
Property Features for 7635 Dickens Ave
General Information
Standard status
Active
Size
4,765 SF
Property subtype
Income/MultiFamily
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$23,152
Building Details
Building Size
4,765 SF
Year Built
1946
Tenancy
Multi
Listing Agency:
Anac Global Realty, LLC
Listed By:
Sarkis Anac · License #3230731
(305) 216-3472
Source:
Marcelosteinmander
Added: Apr 8
Changed: Aug 23
Last Checked: Sep 6 at 10:55AM
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 Anac Global Realty, LLC
Investment Insights
Based on property information with market context.
This for-sale 8-unit multifamily property at 7635 Dickens Ave, Miami Beach, FL 33141 is presented with a stable existing tenant base and below-market rents, creating the opportunity for income growth through lease turnover and/or repositioning. The offering is available through the listing agent’s updated Offering Memorandum.
WalkScore is 79 (Very Walkable) and bikeScore is 67 (Bikeable), with a transitScore of 44 (Some Transit), reflecting a location that supports convenient day-to-day access.
The property is described as a compact, income-producing asset with eight residential units and ongoing occupancy.
WalkScore is 79 (Very Walkable) and bikeScore is 67 (Bikeable), with a transitScore of 44 (Some Transit), reflecting a location that supports convenient day-to-day access.
The property is described as a compact, income-producing asset with eight residential units and ongoing occupancy.
Key Highlights
- 8‑unit multifamily building for sale with an existing tenant base
- Year built: 1946
- Existing rents are described as below‑market, creating NOI upside upon lease turnover or repositioning
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
$73,282
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
4.08%
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%
$1,465,640
$1.5M
Cap Rate 7%
$1,046,886
$1.0M
Cap Rate 9%
$814,244
$814.2K
Market Conditions
NOI Build-Up for 4,765 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
$139.5K $29.28/SF
− Vacancy
−$6.3K −$1.32/SF
EGI
$133.2K $27.96/SF
− OpEx
−$60.0K −$12.58/SF
NOI
$73.3K $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%
$1,465,640
Cap Rate 7%
$1,046,886
Cap Rate 9%
$814,244
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$916.0K – $1.22M
NOI $73,282 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,224 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
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 - For sale 8-unit multifamily building with an existing tenant base featuring below-market rents.
Where is this apartment building located?
The property is located at 7635 Dickens Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: 8‑unit multifamily building for sale with an existing tenant base; Year built: 1946; Existing rents are described as below‑market, creating NOI upside upon lease turnover or repositioning
