12-Unit Apartment
For Sale
$2,800,000
828 Pennsylvania Avenue, Miami Beach, FL 33139
Commercial Sale, Miami Beach, FL
Property Size6,608 SF
Lot Size0.16 Acres
Price / SF$423.73
Days on Market231
Property Features for 828 Pennsylvania Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
3900
Subdivision
2420
Standard status
Active
APN
0242030091440
Size
6,608 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
OCEAN BEACH ADD NO 3 PB 2-81 LOT 4 BLK 45 LOT SIZE 50.000 X 140 OR 23577-1431 07 2005 1
Tax Annual Amount
39072
Legal Description
OCEAN BEACH ADD NO 3 PB 2-81 LOT 4 BLK 45 LOT SIZE 50.000 X 140 OR 23577-1431 07 2005 1
Amenities
on-site laundry facility
Building Details
Year built
1928
Listing Agency:
LoKation
(954) 545-5583
Listed By:
Albert Simon · License #3629204
(571) 501-0827
Added: Feb 2
Changed: Sep 8
Last Checked: Sep 21 at 7:06AM
MLS# F10546676
Copyright © 2026 BeachesMLS. 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 two-story multifamily property contains 12 apartments in a 1928 Art Deco building. The unit mix includes three studios and nine one-bedroom residences, with selected apartments upgraded through renovated kitchens and bathrooms, stainless steel appliances, and a combination of wall and central air conditioning. An on-site laundry facility serves residents. The building received a new roof in 2025 and partial renovations in 2024. Total property size is 6,608 square feet, including 5,862 rentable square feet, on 0.16 acres.
The property is at 828 Pennsylvania Avenue in Miami Beach, within the Flamingo Submarket of South Beach and two blocks from the beach. It is fully leased and carries zoning designation 3900. The address is in Miami-Dade County, Florida, with postal code 33139.
The property is at 828 Pennsylvania Avenue in Miami Beach, within the Flamingo Submarket of South Beach and two blocks from the beach. It is fully leased and carries zoning designation 3900. The address is in Miami-Dade County, Florida, with postal code 33139.
Key Highlights
- 12‑unit apartment property with three studios and nine one‑bedroom units
- 6,608 square feet of property size and 5,862 rentable square feet
- New roof installed in 2025; partial renovations completed in 2024
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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Open Analytics
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 Art Deco property with renovated kitchens, baths, stainless steel appliances, and on-site laundry.
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; 6,608 square feet of property size and 5,862 rentable square feet; New roof installed in 2025; partial renovations completed in 2024
