Waterfront Multifamily Investment
8135 Crespi Blvd, Miami Beach, FL 33141
For Sale
Contact for pricing
Waterfront 5-unit multifamily property with redevelopment potential.
Property Size3,510 SF
Price / SF$451.57
Days on Market285
Property Features for 8135 Crespi Blvd
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Investment Type
Building Details
Year Built
Buildings
Stories
Units
Listing Agency:
Silmar Realty
Listed By:
Leor Fidler · License FL #3502040
(516) 580-2329
Source:
Crexi
Added: Feb 4
Changed: Aug 15
Last Checked: Aug 14 at 6:05AM
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 Silmar Realty
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Investment Insights
Based on property information with market context.
Located in the Biscayne Beach Subdivision, this waterfront multifamily property features five units and is currently 100% leased. Built in 1950, the property offers a unit mix of four one-bedroom, one-bath units and one studio. The property is zoned RM-1, which allows for redevelopment of up to 60 dwelling units per gross acre. The current monthly income is $8,300, resulting in a current gross annual income of $99,600. Pro forma monthly income is $9,000, with a pro forma gross annual income of $108,000. The property is in close proximity to the beach, shopping, and North Beach Town Center. This property is suitable for investors seeking stable cash flow in a high-demand waterfront submarket with long-term appreciation and redevelopment potential. The property size is 3510 square feet.
Key Highlights
- Waterfront property in the desirable Biscayne Beach Subdivision.
- 100% leased, providing strong in‑place income.
- Zoned RM‑1, allowing for redevelopment of up to 60 dwelling units per gross acre.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,467
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,089,340
$1.1M
Cap Rate 7%
$778,100
$778.1K
Cap Rate 9%
$605,189
$605.2K
Market Conditions
NOI Build-Up for 3,510 SF
Gross rent
$106.1K $30.24/SF
− Vacancy
−$7.1K −$2.03/SF
EGI
$99.0K $28.21/SF
− OpEx
−$44.6K −$12.70/SF
NOI
$54.5K $15.52/SF
Area
Miami-Dade County, FL
Vacancy
6.70%
Lease Rate
$30.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,089,340
Cap Rate 7%
$778,100
Cap Rate 9%
$605,189
Alternative Uses
Best Use
Apartment 5plus
$778.1K
$680.8K – $907.8K
NOI $54,467 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,171 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Location Intelligence
Trade Area within ½ mile
1,086
Businesses Nearby
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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
$434,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Miami Beach, FL
Properties on Market for Apartment buildings in Miami Beach
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Waterfront 5-unit multifamily property with redevelopment potential.
Where is this apartment building located?
The property is located at 8135 Crespi Blvd Miami Beach, FL.
What is the asking price?
The asking price for this property is $1,585,000.
What are key features of this property?
This property features: Waterfront property in the desirable Biscayne Beach Subdivision.; 100% leased, providing strong in‑place income.; Zoned RM‑1, allowing for redevelopment of up to 60 dwelling units per gross acre.
