11-Unit Apartment
For Sale
$2,700,000
919 Michigan Avenue Unit 111, Miami Beach, FL 33139
Professionally managed condominium asset with covered parking and organized property records.
Property Size8,420 SF
Price / SF$320.67
Days on Market2433
Property Features for 919 Michigan Avenue Unit 111
General Information
Standard status
Active
Size
8,420 SF
Total Parking Spaces
10
Property subtype
Commercial/Industrial / Income/Multi Family
Additional Details
Multifamily Units
11
Building Details
Year Built
1968
Buildings
1
Listing Agency:
SoBe Realty, Inc.
(305) 749-7500
Listed By:
Philippe Lamery · License #3090242
(305) 749-7500
Source:
Compass
Added: Jan 1, 2020
Changed: Aug 29
Last Checked: Aug 29 at 4:41PM
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 SoBe Realty, Inc.
Investment Insights
Based on property information with market context.
This 11-unit condominium apartment building is offered in its entirety, providing a single ownership opportunity within a multifamily asset. The property contains 8,420 square feet and was built in 1968. It has been maintained and professionally managed, with property records available for the next owner.
The building includes 10 parking spaces, with some spaces covered. Its apartment-building classification and full-building offering provide a straightforward configuration for continued multifamily ownership.
The building includes 10 parking spaces, with some spaces covered. Its apartment-building classification and full-building offering provide a straightforward configuration for continued multifamily ownership.
Key Highlights
- 11‑unit condominium apartment building sold in its entirety
- 8,420 square feet of property
- 10 parking spaces, including some covered
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
$129,494
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
4.80%
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%
$2,589,880
$2.6M
Cap Rate 7%
$1,849,914
$1.8M
Cap Rate 9%
$1,438,822
$1.4M
Market Conditions
NOI Build-Up for 8,420 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
$246.5K $29.28/SF
− Vacancy
−$11.1K −$1.32/SF
EGI
$235.4K $27.96/SF
− OpEx
−$105.9K −$12.58/SF
NOI
$129.5K $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%
$2,589,880
Cap Rate 7%
$1,849,914
Cap Rate 9%
$1,438,822
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,494 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.27M
$3.74M – $4.98M
NOI $299,027 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
6,044
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Professionally managed condominium asset with covered parking and organized property records.
Where is this apartment building located?
The property is located at 919 Michigan Avenue Unit 111 Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 11‑unit condominium apartment building sold in its entirety; 8,420 square feet of property; 10 parking spaces, including some covered
