12-Unit Art Deco Apartment
For Sale
$2,990,000
828 Pennsylvania Ave, Miami Beach, FL 33139
Well-maintained 12-unit building two blocks from the beach with updated kitchens, baths, and on-site laundry.
Property Size5,862 SF
Lot Size0.16 Acres
Price / SF$510.06
Days on Market57
Property Features for 828 Pennsylvania Ave
General Information
Standard status
Active
Size
5,862 SF
Lot size
0.16 Acres
Property subtype
Commercial
Occupancy
100%
Additional Details
Cap Rate
4.5%
Multifamily Units
12
Building Details
Year Built
1928
Year Renovated
2024
Stories
2
Tenancy
Multi
Listing Agency:
LoKation Real Estate
(571) 501-0827
Listed By:
Albert Simon · License #3629204
(571) 501-0827
Source:
Elliman
Added: Jun 12
Changed: Jul 10
Last Checked: Aug 4 at 3:17AM
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 LoKation Real Estate
Investment Insights
Based on property information with market context.
This is a well-maintained, two-story Art Deco multifamily property originally constructed in 1928 and partially renovated in 2024. The building offers 12 residential units with a mix of three studios and nine one-bedroom apartments. Upgraded units include renovated bathrooms and kitchens featuring stainless steel appliances. Residents also benefit from an on-site laundry facility. Climate control is provided with a mix of wall and central air conditioning. A brand-new roof was installed in 2025.
The property is located in the heart of the Flamingo Submarket of South Beach, approximately two blocks from the beach. The building is currently fully leased. The asset sits on 0.16 acres of land and includes 5,862 rentable square feet.
For investors, this fully leased boutique building combines in-place upgrades with the character of Miami Beach’s Art Deco architecture. The 2024 partial renovation and 2025 roof replacement help support a turnkey ownership experience, while the renovated unit interiors may allow an owner to continue improving and refining the property over time.
The property is located in the heart of the Flamingo Submarket of South Beach, approximately two blocks from the beach. The building is currently fully leased. The asset sits on 0.16 acres of land and includes 5,862 rentable square feet.
For investors, this fully leased boutique building combines in-place upgrades with the character of Miami Beach’s Art Deco architecture. The 2024 partial renovation and 2025 roof replacement help support a turnkey ownership experience, while the renovated unit interiors may allow an owner to continue improving and refining the property over time.
Key Highlights
- 12‑unit multifamily building built in 1928 with partial renovations in 2024 and a brand‑new roof installed in 2025
- Two blocks from the beach; Art Deco‑style two‑story building in the Flamingo Submarket of South Beach
- Rentable SF: 5,862 on 0.16 acres, with a unit mix of 3 studios and 9 one‑bedroom apartments
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
$90,154
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
3.02%
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%
$1,803,080
$1.8M
Cap Rate 7%
$1,287,914
$1.3M
Cap Rate 9%
$1,001,711
$1.0M
Market Conditions
NOI Build-Up for 5,862 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
$171.6K $29.28/SF
− Vacancy
−$7.7K −$1.32/SF
EGI
$163.9K $27.96/SF
− OpEx
−$73.8K −$12.58/SF
NOI
$90.2K $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%
$1,803,080
Cap Rate 7%
$1,287,914
Cap Rate 9%
$1,001,711
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,154 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $208,183 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 12-unit building two blocks from the beach with updated kitchens, baths, and on-site laundry.
Where is this apartment building located?
The property is located at 828 Pennsylvania Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: 12‑unit multifamily building built in 1928 with partial renovations in 2024 and a brand‑new roof installed in 2025; Two blocks from the beach; Art Deco‑style two‑story building in the Flamingo Submarket of South Beach; Rentable SF: 5,862 on 0.16 acres, with a unit mix of 3 studios and 9 one‑bedroom apartments
