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The Apartments on 73rd 535 73rd St 8 Unit Apartment Building $2,250,000 ($281,250/Unit) 5.57% Cap Rate Miami, FL 33141
Investment Highlights
- Fully Renovated Property: Updated with open-concept kitchens, hardwood floors, impact windows, and a new 2023 roof.
- Proven Rental Performance: History of 100% occupancy and collections with long-term, credit-qualified tenants.
- Secure & Well-Maintained Asset: Gated keypad entry, private garden, on-site laundry, and professional on-site management.
- Oversized Unit Layouts: Eight spacious 1-bedroom/1-bath apartments with strong tenant appeal.
- Prime North Beach Location: Just steps from the beach and minutes from Downtown Miami.
Executive Summary
535 73rd Street is an 8-unit multifamily property located in the heart of North Beach, Miami Beach, consisting of eight oversized 1-bedroom/1-bath units. The property has been extensively renovated with open-concept kitchens, real hardwood flooring, full hurricane impact windows and doors, and a new roof installed in 2023, while also featuring a private garden, gated keypad entry, and on-site laundry. With a history of 100% occupancy and collections, long-term credit-checked tenants, and on-site management, the asset provides stable in-place cash flow and efficient operations. Positioned just steps from the beach and approximately 20 minutes from Downtown Miami, with convenient access to major transportation corridors, shopping, dining, and entertainment, the property represents an exceptional investment opportunity in one of South Florida's strongest rental markets.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$171,540
|
$40.97
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$171,540
|
$40.97
|
| Taxes |
$26,940
|
$6.43
|
| Operating Expenses |
$19,379
|
$4.63
|
| Total Expenses |
$46,319
|
$11.06
|
| Net Operating Income |
$125,221
|
$29.91
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $171,540 |
| Annual Per SF | $40.97 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $171,540 |
| Annual Per SF | $40.97 |
| Taxes | |
|---|---|
| Annual | $26,940 |
| Annual Per SF | $6.43 |
| Operating Expenses | |
|---|---|
| Annual | $19,379 |
| Annual Per SF | $4.63 |
| Total Expenses | |
|---|---|
| Annual | $46,319 |
| Annual Per SF | $11.06 |
| Net Operating Income | |
|---|---|
| Annual | $125,221 |
| Annual Per SF | $29.91 |
Property Facts
| Price | $2,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $281,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 5.57% | Building Size | 5,450 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1954 |
| Zoning | CD-2, Miami Beach | ||
| Price | $2,250,000 |
| Price Per Unit | $281,250 |
| Sale Type | Investment |
| Cap Rate | 5.57% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,450 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1954 |
| Zoning | CD-2, Miami Beach |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Microwave
- Ceiling Fans
- Tile Floors
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Views
- Dining Room
- Garden
- Patio
- Vinyl Flooring
Site Amenities
- Courtyard
- Fenced Lot
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $2,095 | 736 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 02-3202-003-0881 | Total Assessment | $1,577,600 |
| Land Assessment | $780,000 | Annual Taxes | $26,940 ($4.94/SF) |
| Improvements Assessment | $797,600 | Tax Year | 2025 |
Property Taxes
Parcel Number
02-3202-003-0881
Land Assessment
$780,000
Improvements Assessment
$797,600
Total Assessment
$1,577,600
Annual Taxes
$26,940 ($4.94/SF)
Tax Year
2025
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The Apartments on 73rd | 535 73rd St