Miami Beach Development
For Sale
$1,500,000
7821 Byron Avenue, Miami Beach, FL 33141
Prime real estate with approved luxury development project.
Property Size3,382 SF
Price / SF$443.52
Days on Market432
Property Features for 7821 Byron Avenue
General Information
Standard status
Active
Size
3,382 SF
Property subtype
Commercial Sale / Multi Family
Taxes and HOA fees
Annual Taxes
$15,568
Amenities
No
Building Details
Year Built
1952
Listing Agency:
Beachfront Realty Inc
Listed By:
Marilina R Apfelbaum · License #0662372
(786) 287-3633
Source:
Compass
Added: Jul 4, 2025
Changed: Sep 8
Last Checked: Jul 16 at 8:11AM
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 Beachfront Realty Inc
Investment Insights
Based on property information with market context.
This property presents a development opportunity in a rapidly growing area of Miami. Currently, the site includes a two-story multifamily building featuring four rentable units, which provides an income stream. The approved project allows for the construction of a five-story building designed to accommodate 14 luxury units. This development is suited for high-end buyers or tenants seeking convenient access to Miami Beach's restaurants, shopping centers, and beaches. The location offers the potential to create a landmark development in South Florida, combining income stability with growth prospects.
Key Highlights
- Approved project for a five‑story building with 14 luxury units.
- Prime real estate in a fast‑growing Miami area.
- Exceptional potential for developers to capitalize on luxury housing demand.
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
$56,377
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
3.76%
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%
$1,127,540
$1.1M
Cap Rate 7%
$805,386
$805.4K
Cap Rate 9%
$626,411
$626.4K
Market Conditions
NOI Build-Up for 3,382 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
$85.2K $25.20/SF
− Vacancy
−$4.7K −$1.39/SF
EGI
$80.5K $23.81/SF
− OpEx
−$24.2K −$7.14/SF
NOI
$56.4K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,127,540
Cap Rate 7%
$805,386
Cap Rate 9%
$626,411
Alternative Uses
Best Use
Multifamily LT 5
$805.4K
$704.7K – $939.6K
NOI $56,377 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$743.0K
$650.2K – $866.9K
NOI $52,013 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,108 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,558
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?
Commercial land - Prime real estate with approved luxury development project.
Where is this commercial land located?
The property is located at 7821 Byron Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approved project for a five‑story building with **14 luxury units**.; Prime real estate in a fast‑growing Miami area.; Exceptional potential for developers to capitalize on luxury housing demand.
