12-Unit Art Deco Apartment
For Sale
$2,800,000
828 Pennsylvania Avenue, Miami Beach, FL 33139
The two-story property is fully leased and includes an on-site laundry facility.
Property Size6,608 SF
Lot Size0.16 Acres
Price / SF$423.73
Days on Market13
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
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
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$39,072
Amenities
on-site laundry
7000
0.16
6608
Building Details
Building Size
6,608 SF
Year Built
1928
Year Renovated
2024
Stories
2
Construction
Art Deco
Listing Agency:
(772) 888-1826
Listed By:
Liz Franklin
Source:
Floridarealestatenavigators
Added: Oct 19
Changed: Oct 28
Last Checked: Oct 31 at 3:27AM
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 Liz Franklin
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Investment Insights
Based on property information with market context.
This two-story apartment property contains 12 residences across 5,862 rentable square feet. The unit mix comprises three studios and nine one-bedroom apartments. Built in 1928, the Art Deco-style building 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 also have access to on-site laundry, and apartments have a mix of wall-mounted and central air conditioning.
At 828 Pennsylvania Avenue in Miami Beach, the property is two blocks from the beach and sits in the Flamingo submarket of South Beach. The building is fully leased.
At 828 Pennsylvania Avenue in Miami Beach, the property is two blocks from the beach and sits in the Flamingo submarket of South Beach. The building is fully leased.
Key Highlights
- 12 apartments: three studios and nine one‑bedroom units
- 5,862 rentable square feet on 0.16 acres
- Two‑story Art Deco‑style building constructed in 1928
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.
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Who owns this building?
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Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
6,015
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The two-story property is fully leased and includes an on-site laundry facility.
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; 5,862 rentable square feet on 0.16 acres; Two‑story Art Deco‑style building constructed in 1928
