Waterfront Multifamily Investment
For Sale
Contact for pricing
8135 Crespi Blvd, Miami Beach, FL 33141
Waterfront 5-unit multifamily property with redevelopment potential.
Property Size3,510 SF
Price / SF$451.57
Days on Market188
Property Features for 8135 Crespi Blvd
General Information
Standard status
Active
Size
3,510 SF
Property subtype
Multifamily
Zoning
RM-1
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1950
Buildings
1
Stories
1
Units
5
Listing Agency:
Silmar Realty
(516) 580-2329
Listed By:
Leor Fidler · License #3502040
Source:
Crexi
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 8 at 6:40AM
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
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 = 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
$53,981
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
3.41%
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%
$1,079,620
$1.1M
Cap Rate 7%
$771,157
$771.2K
Cap Rate 9%
$599,789
$599.8K
Market Conditions
NOI Build-Up for 3,510 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
$102.8K $29.28/SF
− Vacancy
−$4.6K −$1.32/SF
EGI
$98.1K $27.96/SF
− OpEx
−$44.2K −$12.58/SF
NOI
$54.0K $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%
$1,079,620
Cap Rate 7%
$771,157
Cap Rate 9%
$599,789
Alternative Uses
Best Use
Apartment 5plus
$771.2K
$674.8K – $899.7K
NOI $53,981 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,654 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,086
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 - 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.
