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1329-1331 Pennsylvania Ave 8 Unit Apartment Building $3,200,000 ($400,000/Unit) Miami Beach, FL 33139
EXECUTIVE SUMMARY
1329 Pennsylvania Avenue (aka Sherman Court) is a 1936 Art Deco building masterfully designed by Henry Hohauser, one of South Beach's most prominent architects in the Deco era. This is a well-maintained 8-unit apartment building, each with spacious 1-bed/1-bath layouts. The building also has common laundry facilities as well as 5 off street parking spaces. All units are occupied by excellent long-term tenants on month-to-month leases at $1,700 per month— well below market rate. With renovations, rents can be repositioned to $2,300 - $2,500, offering strong upside potential. The property has passed its 40-year recertification and boasts a rich Miami Beach history, blending architectural character with modern stability. A rare investment opportunity with secure cash flow and significant value-add potential.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$240,000
|
$32.68
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$240,000
|
$32.68
|
| Taxes |
$31,114
|
$4.24
|
| Operating Expenses |
$12,600
|
$1.72
|
| Total Expenses |
$43,714
|
$5.95
|
| Net Operating Income |
$196,286
|
$26.73
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $240,000 |
| Annual Per SF | $32.68 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $240,000 |
| Annual Per SF | $32.68 |
| Taxes | |
|---|---|
| Annual | $31,114 |
| Annual Per SF | $4.24 |
| Operating Expenses | |
|---|---|
| Annual | $12,600 |
| Annual Per SF | $1.72 |
| Total Expenses | |
|---|---|
| Annual | $43,714 |
| Annual Per SF | $5.95 |
| Net Operating Income | |
|---|---|
| Annual | $196,286 |
| Annual Per SF | $26.73 |
PROPERTY FACTS
| Price | $3,200,000 | Building Class | C |
| Price Per Unit | $400,000 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 7,344 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1936 |
| Apartment Style | Garden | Parking Ratio | 0.68/1,000 SF |
| Zoning | RM-1 - Residential Multi-Family | ||
| Price | $3,200,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,344 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1936 |
| Parking Ratio | 0.68/1,000 SF |
| Zoning | RM-1 - Residential Multi-Family |
AMENITIES
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Vintage Building
- Public Transportation
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | 720 |
1 1
Walk Score®
Walker's Paradise (98)
Bike Score®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 02-4203-009-0700 | Total Assessment | $1,567,134 |
| Land Assessment | $0 | Annual Taxes | $31,114 ($4.24/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
02-4203-009-0700
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,567,134
Annual Taxes
$31,114 ($4.24/SF)
Tax Year
2025
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1329-1331 Pennsylvania Ave
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