12-Unit Apartment
For Sale
$2,800,000
828 Pennsylvania Avenue, Miami Beach, FL 33139
Two-story Miami Beach property with studio and one-bedroom layouts, on-site laundry, and renovated kitchens and bathrooms.
Property Size6,608 SF
Lot Size0.16 Acres
Days on Market231
Property Features for 828 Pennsylvania Avenue
General Information
Standard status
Active
Size
6,608 SF
Net Rentable
5,862 SF
Lot size
0.16 Acres
Property subtype
Multi Family
Occupancy
100%
Net Operating Income
$140,700
Financials
Cap Rate
4.5%
Gross Income
$241,000
Units
Unit Mix
3 x studio, 9 x 1BR
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$39,072
Amenities
on-site laundry
Building Details
Building Size
6,608 SF
Year Built
1928
Year Renovated
2024
Stories
2
Construction
Art Deco style
Listing Agency:
LoKation
Listed By:
Albert Simon · License #3629204
(954) 545-5583
Source:
Marcelosteinmander
Added: Feb 2
Changed: Sep 20
Last Checked: Sep 21 at 7:11AM
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
Investment Insights
Based on property information with market context.
This two-story apartment property in Miami Beach contains 12 units across 5,862 rentable square feet, with a mix of three studios and nine one-bedroom apartments. The building dates to 1928 and received partial renovations in 2024, including updated kitchens with stainless steel appliances and renovated bathrooms in upgraded units. A new roof was installed in 2025. Residents have access to on-site laundry, while air-conditioning systems include both wall and central units.
The property is located at 828 Pennsylvania Avenue, two blocks from the beach, and is fully leased. Its Art Deco design reflects the character of the surrounding Miami Beach setting. Financial metrics include a 4.5% Cap Rate and a 6.25% Pro Forma Cap Rate.
The property is located at 828 Pennsylvania Avenue, two blocks from the beach, and is fully leased. Its Art Deco design reflects the character of the surrounding Miami Beach setting. Financial metrics include a 4.5% Cap Rate and a 6.25% Pro Forma Cap Rate.
Key Highlights
- 12‑unit apartment property with three studios and nine one‑bedroom units
- 5,862 rentable square feet on 0.16 acres
- New roof installed in 2025
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
$101,627
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
3.63%
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%
$2,032,540
$2.0M
Cap Rate 7%
$1,451,814
$1.5M
Cap Rate 9%
$1,129,189
$1.1M
Market Conditions
NOI Build-Up for 6,608 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
$193.5K $29.28/SF
− Vacancy
−$8.7K −$1.32/SF
EGI
$184.8K $27.96/SF
− OpEx
−$83.1K −$12.58/SF
NOI
$101.6K $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%
$2,032,540
Cap Rate 7%
$1,451,814
Cap Rate 9%
$1,129,189
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,627 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,676 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
100%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story Miami Beach property with studio and one-bedroom layouts, on-site laundry, and renovated kitchens and bathrooms.
Where is this apartment building located?
The property is located at 828 Pennsylvania Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 12‑unit apartment property with three studios and nine one‑bedroom units; 5,862 rentable square feet on 0.16 acres; New roof installed in 2025
