12-Unit Art Deco 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 Market251
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
air conditioning
Building Details
Year built
1928
Listing Agency:
LoKation
(954) 545-5583
Listed By:
Albert Simon · License #3629204
(571) 501-0827
Added: Feb 2
Changed: Oct 6
Last Checked: Oct 11 at 3:06AM
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 Art Deco apartment property contains 12 units: three studios and nine one-bedroom apartments. Built in 1928, the building received partial renovations in 2024 and a roof replacement in 2025. Renovated units include updated kitchens with stainless steel appliances and refreshed bathrooms. Air conditioning is provided by a mix of wall-mounted and central systems, and residents have access to on-site laundry.
The property is two blocks from the beach and is fully leased. Its unit mix and existing improvements provide a clear overview of the building’s current configuration.
The property is two blocks from the beach and is fully leased. Its unit mix and existing improvements provide a clear overview of the building’s current configuration.
Key Highlights
- 12 apartments: three studios and nine one‑bedroom units
- Two‑story Art Deco building constructed in 1928
- Partial renovations completed in 2024; roof replaced in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,627
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
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
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 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
Check the figures for this property
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 apartments include on-site laundry, with the beach two blocks away.
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 apartments: three studios and nine one‑bedroom units; Two‑story Art Deco building constructed in 1928; Partial renovations completed in 2024; roof replaced in 2025
