16-Unit Apartment
For Sale
$4,300,000
934 Meridian Ave, Miami Beach, FL 33139
Commercial Sale, Miami Beach, FL
Property Size8,807 SF
Lot Size0.16 Acres
Price / SF$488.25
Days on Market50
Property Features for 934 Meridian Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
3900
Subdivision
32
Standard status
Active
APN
02-42-03-009-4370
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
3-4 54 42 34 53 42 OCEAN BEACH ADDN NO 3 PB 2-81 LOT 4 BLK 70 LOT SIZE 50.000 X 140 OR 10020 1445 0478 4
Legal Description
3-4 54 42 34 53 42 OCEAN BEACH ADDN NO 3 PB 2-81 LOT 4 BLK 70 LOT SIZE 50.000 X 140 OR 10020 1445 0478 4
Building Details
Year built
1959
Number of units
16
Listing Agency:
Beachfront Realty Inc
(305) 405-0615
Listed By:
Marilina Apfelbaum · License #0662372
(786) 287-3633
Added: Jul 20
Changed: Sep 2
Last Checked: Sep 7 at 1:06AM
MLS# A12056657
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story apartment property contains 16 residences, including 14 studios and two one-bedroom, one-bath units. The building was constructed in 1959 and occupies a 7,000-square-foot lot. A new roof and new water heater address two recently completed capital improvements. The property is zoned RM-1, and the current cap rate is 5.16%.
The building is located at 934 Meridian Avenue in Miami Beach, on a tree-lined street near Flamingo Park, Washington Avenue, Lincoln Road, Espanola Way, Ocean Drive, and the beach. Its South Beach setting places the property near several established commercial, recreational, and coastal destinations.
The building is located at 934 Meridian Avenue in Miami Beach, on a tree-lined street near Flamingo Park, Washington Avenue, Lincoln Road, Espanola Way, Ocean Drive, and the beach. Its South Beach setting places the property near several established commercial, recreational, and coastal destinations.
Key Highlights
- 16‑unit configuration with 14 studios and two one‑bedroom, one‑bath residences
- Two‑story apartment property constructed in 1959
- 7,000 SF lot at 934 Meridian Avenue
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - The property carries RM-1 zoning and has a new roof and water heater.
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 configuration with 14 studios and two one‑bedroom, one‑bath residences; Two‑story apartment property constructed in 1959; 7,000 SF lot at 934 Meridian Avenue
