Mixed-Use Building on Corner
901 Pennsylvania Avenue Miami Beach, FL 33139
901 Pennsylvania Avenue, Miami Beach, FL, 33139
$3,450,000
For Sale
$3,450,000
A mixed-use property with six apartments and four ground-floor retail/office units featuring Washington Ave visibility.
Property Size7,266 SF
Lot Size7,500.00 Acres
Price / SF$474.81
Days on Market38
Property Features for 901 Pennsylvania Avenue
General Information
- Standard status
- Active
- Size
- 7,266 SF
- Lot size
- 7,500.00 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1948
Listing Agency
COMPASS FLORIDA, LLC
Listed by
JESSE SPENCER · License #A11956440
Source
Corcoran
Added: Jun 9 Checked: Jul 15 at 8:48 pm
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 COMPASS FLORIDA, LLC
Investment Insights
Based on property information with market context.
901 PENN is a mixed-use building on a corner lot, combining six apartments with four ground-floor retail/office units. The property includes updated exterior and mechanical improvements, including a new roof completed in 2023, exterior paint, and AC units.
Located in South Beach at 901 Pennsylvania Avenue, the ground-floor spaces are described as having Washington Ave visibility. The property is positioned near hotels, restaurants, shopping, and nightlife, supporting an active, walkable setting.
For tenants or buyers, the configuration offers flexibility: the ground-floor units can support retail or office use while the upper apartments provide residential income in the same structure. The offering is presented as a stabilized, income-generating asset and can also be approached as an owner-user opportunity or with redevelopment strategies, depending on the operating plan.
Located in South Beach at 901 Pennsylvania Avenue, the ground-floor spaces are described as having Washington Ave visibility. The property is positioned near hotels, restaurants, shopping, and nightlife, supporting an active, walkable setting.
For tenants or buyers, the configuration offers flexibility: the ground-floor units can support retail or office use while the upper apartments provide residential income in the same structure. The offering is presented as a stabilized, income-generating asset and can also be approached as an owner-user opportunity or with redevelopment strategies, depending on the operating plan.
Key Highlights
- Mixed‑use property built in 1948 on a 7,500 SF corner lot at Pennsylvania Ave & 9th St
- 6 apartments plus 4 ground‑floor retail/office units with Washington Ave visibility
- New roof installed in 2023; exterior paint and AC units also updated
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $331.3k | $45.60 |
| − Vacancy | −$74.5k | −$10.26 |
| EGI | $256.8k | $35.34 |
| − OpEx | −$64.2k | −$8.84 |
| NOI | $192.6k | $26.51 |
7,266 SF · lease $45.60/SF/yr · vacancy 22.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.75M
$2.41M – $3.21M
NOI $192,585 @ 7.0% cap · market cap 5.58%
Second Best
Retail
$1.76M
$1.54M – $2.05M
NOI $122,862 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,044 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - A mixed-use property with six apartments and four ground-floor retail/office units featuring Washington Ave visibility.
Where is this apartment building located?
The property is located at 901 Pennsylvania Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Mixed‑use property built in 1948 on a 7,500 SF corner lot at Pennsylvania Ave & 9th St; 6 apartments plus 4 ground‑floor retail/office units with Washington Ave visibility; New roof installed in 2023; exterior paint and AC units also updated
