Waterfront Five-Unit Apartment
For Sale
$1,630,000
8135 Crespi Blvd, Miami Beach, FL 33141
Residential Income, Miami Beach, FL
Property Size3,510 SF
Price / SF$464.39
Days on Market53
Property Features for 8135 Crespi Blvd
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Subdivision
BISCAYNE BCH SUB
Lot features
1/4 to 1/2 Acre Lot
Standard status
Active
APN
02-32-02-008-2150
Size
3,510 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
2-3 53 42 BISCAYNE BEACH SUB PB 44-67 LOT 18 BLK 9 LOT SIZE 50.000 X 115
Tax Annual Amount
19203
Legal Description
2-3 53 42 BISCAYNE BEACH SUB PB 44-67 LOT 18 BLK 9 LOT SIZE 50.000 X 115
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water front
1
Building Details
Year built
1950
Floors in Building
1
Flooring type
Tile, Terrazzo
Building materials
Block
Roof type
Flat, Tile
Architectural style
Other
Listing Agency:
Silmar Realty
(786) 673-2880
Listed By:
Leor Fidler · License #3502040
(516) 580-2329
Added: Jul 13
Changed: Sep 2
Last Checked: Sep 3 at 12:06PM
MLS# A11958236
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,510-square-foot apartment building contains five one-bedroom, one-bath units, each currently occupied. Built in 1950, the property is constructed with block materials and includes terrazzo and tile flooring. Cooling is provided by wall or window units, with natural gas heating.
Located at 8135 Crespi Blvd in Miami Beach, the property sits near the waterfront and is served by public sewer and available cable service. The roof systems include tile and flat sections. Its compact residential configuration provides a straightforward multifamily layout within the Miami Beach market.
Located at 8135 Crespi Blvd in Miami Beach, the property sits near the waterfront and is served by public sewer and available cable service. The roof systems include tile and flat sections. Its compact residential configuration provides a straightforward multifamily layout within the Miami Beach market.
Key Highlights
- Five 1‑bedroom, 1‑bathroom units, all currently occupied
- 3,510 SF apartment building constructed in 1950
- Waterfront setting at 8135 Crespi Blvd, Miami Beach
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
3.31%
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 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,654 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
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 - Fully occupied apartment property with one-bedroom, one-bath residences and direct proximity to the waterfront.
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 $1,630,000.
What are key features of this property?
This property features: Five 1‑bedroom, 1‑bathroom units, all currently occupied; 3,510 SF apartment building constructed in 1950; Waterfront setting at 8135 Crespi Blvd, Miami Beach
