Six-Unit Multifamily
For Sale
$1,950,000
7640 Harding Ave, Miami Beach, FL 33141
Six-unit multifamily property with select renovations, impact windows and doors, new AC, and on-site laundry.
Property Size3,810 SF
Price / SF$511.81
Days on Market88
Property Features for 7640 Harding Ave
General Information
Standard status
Active
Size
3,810 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
6
Amenities
3
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
Interealty Exchange Inc
Listed By:
Federico Olivieri · License #3242715
(786) 717-4417
Source:
Xome
Added: Jun 13
Changed: Sep 7
Last Checked: Sep 7 at 4:36AM
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 Interealty Exchange Inc
Investment Insights
Based on property information with market context.
This six-unit multifamily property is currently managed as long-term multi-family with the majority of leases month to month. Four of the six units have been remodeled, and recent improvements include new impact windows, new impact doors, new AC, and new laundry facilities.
The property is located in the North Beach district of Miami Beach and is described as one of the few properties in the Harding area where short-term uses are allowed, including an apartment hotel/short-term rental model. The public remarks also note it may be used as an Airbnb and bed and breakfast.
The building’s current operating setup and partial renovation make it suitable for buyers looking to maintain a multi-family arrangement or explore the short-term rental options described in the remarks.
The property is located in the North Beach district of Miami Beach and is described as one of the few properties in the Harding area where short-term uses are allowed, including an apartment hotel/short-term rental model. The public remarks also note it may be used as an Airbnb and bed and breakfast.
The building’s current operating setup and partial renovation make it suitable for buyers looking to maintain a multi-family arrangement or explore the short-term rental options described in the remarks.
Key Highlights
- Six‑unit multifamily property (built 1950) in the North Beach district/Harding area
- Short‑term rental uses are allowed, including Apartment Hotel, Airbnb, and bed and breakfast
- Managed as multi family with majority month‑to‑month leases
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
$58,595
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
3.00%
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%
$1,171,900
$1.2M
Cap Rate 7%
$837,071
$837.1K
Cap Rate 9%
$651,056
$651.1K
Market Conditions
NOI Build-Up for 3,810 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
$111.6K $29.28/SF
− Vacancy
−$5.0K −$1.32/SF
EGI
$106.5K $27.96/SF
− OpEx
−$47.9K −$12.58/SF
NOI
$58.6K $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%
$1,171,900
Cap Rate 7%
$837,071
Cap Rate 9%
$651,056
Alternative Uses
Best Use
Apartment 5plus
$837.1K
$732.4K – $976.6K
NOI $58,595 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.26M
NOI $135,308 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
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 - Six-unit multifamily property with select renovations, impact windows and doors, new AC, and on-site laundry.
Where is this apartment building located?
The property is located at 7640 Harding Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Six‑unit multifamily property (built 1950) in the North Beach district/Harding area; Short‑term rental uses are allowed, including Apartment Hotel, Airbnb, and bed and breakfast; Managed as multi family with majority month‑to‑month leases
