Two-Story 16-Unit Apartment
For Sale
$4,300,000
934 Meridian Ave, Miami Beach, FL 33139
RM-1-zoned property with a newer roof and water heater already in place.
Property Size8,807 SF
Lot Size0.16 Acres
Price / SF$488.25
Days on Market52
Property Features for 934 Meridian Ave
General Information
Standard status
Active
Size
8,807 SF
Lot size
0.16 Acres
Zoning
RM-1
Net Operating Income
$221,799
Property Condition
Severity
Repairs Needed
Evidence
unit-level cosmetic improvements
Financials
Asking Price
$4,300,000
Cap Rate
5.16%
Units
Unit Mix
14 x Studio, 2 x 1BR/1BA
Multifamily Units
16
Building Details
Year Built
1959
Stories
2
Listing Agency:
Beachfront Realty Inc
Listed By:
Marilina Apfelbaum · License #0662372
(210) 789-2037
Source:
Mymiahomes
Added: Sep 15
Changed: Oct 26
Last Checked: Oct 7 at 1:16PM
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 Beachfront Realty Inc
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Investment Insights
Based on property information with market context.
This two-story apartment property contains 16 residences totaling 8,807 square feet on a 7,000-square-foot lot. The unit mix includes 14 studios and two one-bedroom, one-bath apartments. A new roof and new water heater address significant building components, while the interiors offer an opportunity for cosmetic updates.
Located at 934 Meridian Avenue in Miami Beach, the property sits near Flamingo Park, Washington Avenue, Lincoln Road, Española Way, Ocean Drive, and the beach. RM-1 zoning supports its multifamily configuration. Seller-provided annualized T-10 NOI is $221,799, with a current cap rate of 5.16%.
Located at 934 Meridian Avenue in Miami Beach, the property sits near Flamingo Park, Washington Avenue, Lincoln Road, Española Way, Ocean Drive, and the beach. RM-1 zoning supports its multifamily configuration. Seller-provided annualized T-10 NOI is $221,799, with a current cap rate of 5.16%.
Key Highlights
- 16‑unit two‑story apartment property with 14 studios and two one‑bedroom, one‑bath residences
- 8,807 SF building on a 7,000 SF lot
- New roof and new water heater
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$135,446
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,708,920
$2.7M
Cap Rate 7%
$1,934,943
$1.9M
Cap Rate 9%
$1,504,956
$1.5M
Market Conditions
NOI Build-Up for 8,807 SF
Gross rent
$257.9K $29.28/SF
− Vacancy
−$11.6K −$1.32/SF
EGI
$246.3K $27.96/SF
− OpEx
−$110.8K −$12.58/SF
NOI
$135.4K $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%
$2,708,920
Cap Rate 7%
$1,934,943
Cap Rate 9%
$1,504,956
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.26M
NOI $135,446 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.47M
$3.91M – $5.21M
NOI $312,771 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
6,015
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - RM-1-zoned property with a newer roof and water heater already in place.
Where is this apartment building located?
The property is located at 934 Meridian Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 16‑unit two‑story apartment property with 14 studios and two one‑bedroom, one‑bath residences; 8,807 SF building on a 7,000 SF lot; New roof and new water heater
