12-Unit Two-Story Apartment
For Sale
$2,475,000
Pending
920 Pennsylvania Ave, Miami Beach, FL 33139
12-unit two-story Art-Deco apartment with updated units, new hurricane impact windows, a laundry facility, and gated entrance.
Property Size6,505 SF
Days on Market2644
Property Features for 920 Pennsylvania Ave
General Information
Standard status
Pending
Size
6,505 SF
Property subtype
General Commercial
Occupancy
100%
Units
Unit Mix
8 x efficiency, 4 x 1BR/1BA
Multifamily Units
12
Additional Details
Public Transit
Yes
Amenities
laundry facility
gated entrance
3
Building Details
Year Built
1937
Buildings
2
Stories
2
Construction
Art-Deco
Tenancy
Multi
Listing Agency:
The Nice Realty LLC
(786) 447-7135
Listed By:
Juan Carlos Guzman Martinez
(786) 447-7135
Source:
Xome
Added: May 14, 2019
Changed: Jul 30
Last Checked: Jul 30 at 6:11AM
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 The Nice Realty LLC
Investment Insights
Based on property information with market context.
Located at 920 Pennsylvania Ave, Miami Beach, FL 33139, this 1937 Art-Deco style apartment building is configured as two separate two-story buildings totaling 12 units. The unit mix includes 8 efficiency units and 4 one-bedroom, one-bath units.
Updates include new hurricane impact windows, and the individual units have been updated. On-site amenities include a laundry facility and a gated entrance. There are 3 guest facilities noted, and there is no pool on site. The building is currently being painted.
All units are rented, with laundry and controlled access supporting resident convenience. The property is positioned within walking distance of the beach, Flamingo Park, and Lincoln Rd, with access to public transportation and a free trolley for getting around South Beach.
Updates include new hurricane impact windows, and the individual units have been updated. On-site amenities include a laundry facility and a gated entrance. There are 3 guest facilities noted, and there is no pool on site. The building is currently being painted.
All units are rented, with laundry and controlled access supporting resident convenience. The property is positioned within walking distance of the beach, Flamingo Park, and Lincoln Rd, with access to public transportation and a free trolley for getting around South Beach.
Key Highlights
- 12 units across two separate two‑story buildings: 8 efficiencies and 4 one‑bedroom, one‑bath units
- New hurricane impact windows
- Units have been updated
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
$100,042
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
4.04%
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%
$2,000,840
$2.0M
Cap Rate 7%
$1,429,171
$1.4M
Cap Rate 9%
$1,111,578
$1.1M
Market Conditions
NOI Build-Up for 6,505 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
$190.5K $29.28/SF
− Vacancy
−$8.6K −$1.32/SF
EGI
$181.9K $27.96/SF
− OpEx
−$81.9K −$12.58/SF
NOI
$100.0K $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%
$2,000,840
Cap Rate 7%
$1,429,171
Cap Rate 9%
$1,111,578
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,042 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,018 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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 - 12-unit two-story Art-Deco apartment with updated units, new hurricane impact windows, a laundry facility, and gated entrance.
Where is this apartment building located?
The property is located at 920 Pennsylvania Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: 12 units across two separate two‑story buildings: 8 efficiencies and 4 one‑bedroom, one‑bath units; New hurricane impact windows; Units have been updated
