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828 Pennsylvania Ave 12 Unit Apartment Building $3,200,000 ($266,667/Unit) 4.40% Cap Rate Miami Beach, FL 33139
Investment Highlights
- Prime Location: 12-unit boutique Art Deco property in the Flamingo Submarket, just two blocks from the beach and fully leased.
- Value-Add Upside: Current 4.4% cap with pro forma potential of 6.6% through rent growth and continued unit upgrades.
- Updated & Well-Maintained: Partial renovations completed in 2024 with upgraded units, on-site laundry, and a new roof in 2025.
Executive Summary
Attractive multifamily 12-unit boutique property in the heart of the popular and highly desirable Flamingo Submarket of South Beach. Located two blocks away from the beach, the property is well-maintained and fully-leased. Brand new roof in 2025.
Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Residents also benefit from the convenience of an on-site laundry facility. Units have a mix of wall and central air conditioning.
The property offers an investor the opportunity to acquire an excellently located two-story Art Deco style building that reflects the charm of Miami Beach in a bygone era. In addition, the in-place renovations afford an investor the opportunity to raise rents immediately or continue to upgrade units and execute a value-added strategy.
Cap Rate 4.4%, Effective Gross Income: $241,000, Net Operating Income: $140,700
Pro Forma Cap Rate 6.6%, Effective Gross Income: $317,000, Net Operating Income: $211,000
Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Residents also benefit from the convenience of an on-site laundry facility. Units have a mix of wall and central air conditioning.
The property offers an investor the opportunity to acquire an excellently located two-story Art Deco style building that reflects the charm of Miami Beach in a bygone era. In addition, the in-place renovations afford an investor the opportunity to raise rents immediately or continue to upgrade units and execute a value-added strategy.
Cap Rate 4.4%, Effective Gross Income: $241,000, Net Operating Income: $140,700
Pro Forma Cap Rate 6.6%, Effective Gross Income: $317,000, Net Operating Income: $211,000
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,200,000 | Property Subtype | Apartment |
| Price Per Unit | $266,667 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.40% | Lot Size | 0.16 AC |
| Sale Condition | 1031 Exchange | Building Size | 16,607 SF |
| Gross Rent Multiplier | 13.26 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1928/2024 |
| Zoning | 3900 | ||
| Price | $3,200,000 |
| Price Per Unit | $266,667 |
| Sale Type | Investment |
| Cap Rate | 4.40% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 13.26 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 16,607 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1928/2024 |
| Zoning | 3900 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Oven
- Large Bedrooms
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
| Studios | 3 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02-4203-009-1440 | Total Assessment | $1,950,000 |
| Land Assessment | $1,400,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $550,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
02-4203-009-1440
Land Assessment
$1,400,000
Improvements Assessment
$550,000
Total Assessment
$1,950,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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828 Pennsylvania Ave
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