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Bay Drive I Miami Beach 7124 Bay Dr 8 Unit Apartment Building $2,290,000 ($286,250/Unit) Miami Beach, FL 33141
Investment Highlights
- 8-unit multifamily property fully leased and positioned for long-term appreciation
- Opportunity to optimize future rent in one of Miami Beach’s most sought-after neighborhoods
- Potential to increase the rent (Existing Long term tenants)
- Located in a growing, high-demand rental market
- Normandy Isles area at the border of Miami Beach and North Bay Village, offering strong fundamentals and value-add potential
Executive Summary
Prime Normandy Isles Multifamily | Fully Leased | Value-Add Opportunity
Located in Normandy Isles at the border of Miami Beach and North Bay Village, this 8-unit multifamily property is fully leased, impeccably maintained, and positioned for long-term appreciation.
With completed 40-Year Certification and impact windows throughout,
This asset delivers immediate stability with upside through rental optimization.
Unit Mix:
- 4 large studios (approx. 500 SF each)
- 4 spacious 1-bed / 1-bath units (approx. 600 SF each)
PROPERTY FEATURES
- Recently painted interiors and well-maintained overall
condition
- Impact windows installed throughout the building
- Independent split A/C systems in every unit
- Full kitchen in all apartments
- Updated electrical and plumbing system
- Strong rental history with consistent occupancy
- Completed 40-Year Certification
- 100% occupied
- Electronic entrance door
- Bicycle rack
- Building security system with cameras
- High-speed internet
7124 Bay Drive is just minutes from North Bay Village,
one of the most ambitious redevelopment zones in all
of Miami-Dade.
The city is transforming into a luxury hub with:
- New waterfront parks
- High-end restaurants & retail
- Luxury residential towers
- New marinas & public waterfront access
- A reimagined Causeway with pedestrian promenades
- A complete revitalization of Normandy Shores /Treasure Island
The property offers a compelling opportunity to optimize future rent in one of Miami Beach’s most sought-after neighborhoods.
Located in Normandy Isles at the border of Miami Beach and North Bay Village, this 8-unit multifamily property is fully leased, impeccably maintained, and positioned for long-term appreciation.
With completed 40-Year Certification and impact windows throughout,
This asset delivers immediate stability with upside through rental optimization.
Unit Mix:
- 4 large studios (approx. 500 SF each)
- 4 spacious 1-bed / 1-bath units (approx. 600 SF each)
PROPERTY FEATURES
- Recently painted interiors and well-maintained overall
condition
- Impact windows installed throughout the building
- Independent split A/C systems in every unit
- Full kitchen in all apartments
- Updated electrical and plumbing system
- Strong rental history with consistent occupancy
- Completed 40-Year Certification
- 100% occupied
- Electronic entrance door
- Bicycle rack
- Building security system with cameras
- High-speed internet
7124 Bay Drive is just minutes from North Bay Village,
one of the most ambitious redevelopment zones in all
of Miami-Dade.
The city is transforming into a luxury hub with:
- New waterfront parks
- High-end restaurants & retail
- Luxury residential towers
- New marinas & public waterfront access
- A reimagined Causeway with pedestrian promenades
- A complete revitalization of Normandy Shores /Treasure Island
The property offers a compelling opportunity to optimize future rent in one of Miami Beach’s most sought-after neighborhoods.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$150,900
|
$17.67
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$150,900
|
$17.67
|
| Taxes |
$28,380
|
$3.32
|
| Operating Expenses |
$26,730
|
$3.13
|
| Total Expenses |
$55,110
|
$6.45
|
| Net Operating Income |
$95,790
|
$11.22
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $150,900 |
| Annual Per SF | $17.67 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $150,900 |
| Annual Per SF | $17.67 |
| Taxes | |
|---|---|
| Annual | $28,380 |
| Annual Per SF | $3.32 |
| Operating Expenses | |
|---|---|
| Annual | $26,730 |
| Annual Per SF | $3.13 |
| Total Expenses | |
|---|---|
| Annual | $55,110 |
| Annual Per SF | $6.45 |
| Net Operating Income | |
|---|---|
| Annual | $95,790 |
| Annual Per SF | $11.22 |
Property Facts
| Price | $2,290,000 | Building Class | C |
| Price Per Unit | $286,250 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 4,732 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1940/2019 |
| Apartment Style | Low-Rise | ||
| Zoning | RO, Miami Beach - Multifamily residential, 2-9units | ||
| Price | $2,290,000 |
| Price Per Unit | $286,250 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,732 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1940/2019 |
| Zoning | RO, Miami Beach - Multifamily residential, 2-9units |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Storage Space
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Sprinkler System
- Tub/Shower
- Views
- Walk-In Closets
- Wi-Fi
- Dining Room
- Family Room
- Freezer
- Garden
- Lawn
- Linen Closet
- Pantry
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Walking/Biking Trails
- Wi-Fi
- Zen Garden
- Private Bathroom
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,716 | 600 |
| Studios | 4 | $1,456 | 490 - 600 |
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Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (73)
Property Taxes
| Parcel Number | 02-3210-013-0320 | Total Assessment | $1,575,227 |
| Land Assessment | $682,500 | Annual Taxes | $28,380 ($6.00/SF) |
| Improvements Assessment | $892,727 | Tax Year | 2025 |
Property Taxes
Parcel Number
02-3210-013-0320
Land Assessment
$682,500
Improvements Assessment
$892,727
Total Assessment
$1,575,227
Annual Taxes
$28,380 ($6.00/SF)
Tax Year
2025
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Bay Drive I Miami Beach | 7124 Bay Dr
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