14-Unit Apartment
New
For Sale
$3,000,000
848 Jefferson Avenue, Miami Beach, FL 33139
The unit mix includes studios and one-bedroom apartments, with junior one-bedroom layouts in 10 studios.
Property Size7,660 SF
Days on Market5
Property Features for 848 Jefferson Avenue
General Information
Standard status
Active
Size
7,660 SF
Zoning
3900
Net Operating Income
$98,200
Units
Unit Mix
12 x studio, 2 x one-bedroom
Multifamily Units
14
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$39,209
Building Details
Building Size
7,660 SF
Year Built
1939
Buildings
1
Listing Agency:
Cardenas Larocca Real Estate LLC
Listed By:
Carlos Larocca · License #3307948
(305) 562-0631
Source:
Laerrealty
Added: Oct 24
Changed: Oct 26
Last Checked: Oct 28 at 5:08AM
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 Cardenas Larocca Real Estate LLC
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Investment Insights
Based on property information with market context.
This 14-unit apartment property was built in 1939 and includes 12 studio apartments and 2 one-bedroom units. Ten of the studios have junior one-bedroom layouts; conversion to full one-bedroom apartments would be subject to building requirements and approvals. Interior renovations and unit reconfiguration are identified as possible improvement approaches.
The property is at 848 Jefferson Avenue in Miami Beach’s South Beach neighborhood. Grocery stores, restaurants, public transportation, employment centers, and Flamingo Park are within the walkable area. Miami Beach’s shoreline is described as a short distance away.
The property is at 848 Jefferson Avenue in Miami Beach’s South Beach neighborhood. Grocery stores, restaurants, public transportation, employment centers, and Flamingo Park are within the walkable area. Miami Beach’s shoreline is described as a short distance away.
Key Highlights
- 14 apartments: 12 studios and 2 one‑bedroom units
- 10 of the 12 studios have junior one‑bedroom layouts
- Built in 1939
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$117,806
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,356,120
$2.4M
Cap Rate 7%
$1,682,943
$1.7M
Cap Rate 9%
$1,308,956
$1.3M
Market Conditions
NOI Build-Up for 7,660 SF
Gross rent
$224.3K $29.28/SF
− Vacancy
−$10.1K −$1.32/SF
EGI
$214.2K $27.96/SF
− OpEx
−$96.4K −$12.58/SF
NOI
$117.8K $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%
$2,356,120
Cap Rate 7%
$1,682,943
Cap Rate 9%
$1,308,956
Alternative Uses
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,806 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.89M
$3.40M – $4.53M
NOI $272,037 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
6,044
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 unit mix includes studios and one-bedroom apartments, with junior one-bedroom layouts in 10 studios.
Where is this apartment building located?
The property is located at 848 Jefferson Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 14 apartments: 12 studios and 2 one‑bedroom units; 10 of the 12 studios have junior one‑bedroom layouts; Built in 1939
