Two-Story 16-Unit Apartment
New
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 Market7
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
(305) 405-0615
Source:
Mymiahomes
Added: Sep 15
Last Checked: Sep 20 at 12:29PM
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
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 = 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
$135,446
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
3.15%
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%
$2,708,920
$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
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
$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 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%
$2,708,920
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.
Property Analytics
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Current Use
Lease Details
16
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
