Legal Four-Unit
For Sale
$1,500,000
800 Ne 85th St, Miami, FL 33138
Two legal units are vacant, providing flexibility for the next owner’s rental strategy.
Property Size2,358 SF
Price / SF$636.13
Days on Market83
Property Features for 800 Ne 85th St
General Information
Standard status
Active
Size
2,358 SF
Property subtype
Residential Income
Zoning
4600
Units
Unit Mix
1 x 2BR/1BA, 3 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$13,851
Building Details
Buildings
1
Listing Agency:
Keller Williams Capital Realty
(305) 694-2166
Listed By:
Nancy Dowson · License #0566226
(305) 694-2166
Source:
Exprealty
Added: Jun 9
Changed: Aug 30
Last Checked: Aug 30 at 8:18AM
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 Keller Williams Capital Realty
Investment Insights
Based on property information with market context.
This 2,358-square-foot quadplex at 800 NE 85th St. is currently configured as four legal residential units. The property includes one two-bedroom, one-bath unit and three one-bedroom, one-bath units. Two units are vacant, while the existing layout includes living and dining areas and walk-in closets. One bedroom also has a side entrance.
The property is in Miami’s Upper East Side, one block east of Biscayne Boulevard. Miami-Dade tax records identify the primary zoning as 4600 Multifamily 5+ stories. The south end of the property includes space for a swimming pool, and the four-unit configuration supports either short-term or long-term rental use as determined by the new owner.
The property is in Miami’s Upper East Side, one block east of Biscayne Boulevard. Miami-Dade tax records identify the primary zoning as 4600 Multifamily 5+ stories. The south end of the property includes space for a swimming pool, and the four-unit configuration supports either short-term or long-term rental use as determined by the new owner.
Key Highlights
- 2,358‑square‑foot building configured as four legal residential units
- Unit mix includes one 2‑bedroom/1‑bath unit and three 1‑bedroom/1‑bath units
- Two units are currently vacant
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
$47,291
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
3.15%
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%
$945,820
$945.8K
Cap Rate 7%
$675,586
$675.6K
Cap Rate 9%
$525,456
$525.5K
Market Conditions
NOI Build-Up for 2,358 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
$72.2K $30.60/SF
− Vacancy
−$4.6K −$1.95/SF
EGI
$67.6K $28.65/SF
− OpEx
−$20.3K −$8.60/SF
NOI
$47.3K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /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%
$945,820
Cap Rate 7%
$675,586
Cap Rate 9%
$525,456
Alternative Uses
Best Use
Multifamily LT 5
$675.6K
$591.1K – $788.2K
NOI $47,291 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$622.3K
$544.5K – $726.0K
NOI $43,560 @ 7.0% cap · market cap 2.90%
Theoretical Best
Specialty Retail
$1.59M
$1.39M – $1.86M
NOI $111,417 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,625
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
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?
Quadplex - Two legal units are vacant, providing flexibility for the next owner’s rental strategy.
Where is this quadplex located?
The property is located at 800 Ne 85th St Miami, 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: 2,358‑square‑foot building configured as four legal residential units; Unit mix includes one 2‑bedroom/1‑bath unit and three 1‑bedroom/1‑bath units; Two units are currently vacant
