South Beach Multifamily
For Sale
$2,050,000
928 Jefferson Ave, Miami Beach, FL 33139
Eight-unit apartment building with renovated studio and one-bedroom units, including impact windows and remodeled interiors.
Property Size3,900 SF
Days on Market124
Property Features for 928 Jefferson Ave
General Information
Standard status
Active
Size
3,900 SF
Class
Trophy
Property subtype
Income/MultiFamily
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Building Size
3,900 SF
Year Built
1936
Listing Agency:
Opera REI Inc
Listed By:
Valerio Spinaci · License #3314298
(954) 225-0243
Source:
Marcelosteinmander
Added: May 7
Changed: Aug 25
Last Checked: Sep 7 at 6:08AM
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 Opera REI Inc
Investment Insights
Based on property information with market context.
This multifamily property consists of an eight-unit apartment building offering studio and one-bedroom apartments. The building has undergone capital improvements, including impact windows throughout, and all units have been renovated.
Unit updates include fully remodeled one-bedroom interiors with marble flooring and marble bathrooms, along with stainless steel appliances. The property is presented with a stated 100% occupancy rate.
Located at 928 Jefferson Avenue in Miami Beach, the building is described as steps from Flamingo Park and minutes from Lincoln Road, Ocean Drive, and the beach, supporting convenient access to surrounding retail and entertainment areas.
Unit updates include fully remodeled one-bedroom interiors with marble flooring and marble bathrooms, along with stainless steel appliances. The property is presented with a stated 100% occupancy rate.
Located at 928 Jefferson Avenue in Miami Beach, the building is described as steps from Flamingo Park and minutes from Lincoln Road, Ocean Drive, and the beach, supporting convenient access to surrounding retail and entertainment areas.
Key Highlights
- 8‑unit multifamily building built in 1936 with renovated studio and 1‑bedroom apartments
- 100% occupancy reported in the property remarks
- Impact windows throughout
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
$59,979
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
2.93%
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%
$1,199,580
$1.2M
Cap Rate 7%
$856,843
$856.8K
Cap Rate 9%
$666,433
$666.4K
Market Conditions
NOI Build-Up for 3,900 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
$114.2K $29.28/SF
− Vacancy
−$5.1K −$1.32/SF
EGI
$109.1K $27.96/SF
− OpEx
−$49.1K −$12.58/SF
NOI
$60.0K $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%
$1,199,580
Cap Rate 7%
$856,843
Cap Rate 9%
$666,433
Alternative Uses
Best Use
Apartment 5plus
$856.8K
$749.7K – $999.7K
NOI $59,979 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,504 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
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 - Eight-unit apartment building with renovated studio and one-bedroom units, including impact windows and remodeled interiors.
Where is this apartment building located?
The property is located at 928 Jefferson Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: 8‑unit multifamily building built in 1936 with renovated studio and 1‑bedroom apartments; 100% occupancy reported in the property remarks; Impact windows throughout
