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845 Michigan Ave 12 Unit Apartment Building $2,999,999 ($250,000/Unit) 3.59% Cap Rate Miami Beach, FL 33139
Executive Summary
Don't pass this opportunity to purchase this fully occupied 12-Unit Art Deco Building in Prime South Beach Location! Perfectly situated in one of the hottest areas of South Beach. The property features a gated entrance & a charming front courtyard that captures the essence of Miami Beach living. The complex has 3 separate entrances. Each building has 4 apartments: Building 845: (2) One-Bedroom/One-Bath Units + (2) Large Studios, Building 847: (4) Large Studios, Building 849: (2) One-Bedroom/One-Bath Units + (2) Large Studios, Community Laundry on the 1st Floor & Street parking residential only. This property offers incredible potential to hold as a strong income-producing investment. Located within walking distance to the beach & in proximity to shopping, dining, & entertainment.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $2,999,999 | Apartment Style | Low-Rise |
| Price Per Unit | $250,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 3.59% | Building Size | 8,040 SF |
| Gross Rent Multiplier | 8 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1947 |
| Property Subtype | Apartment | ||
| Zoning | RM-1 - OCEAN BEACH ADD NO 3 PB 2-81 LOT 13 BLK 87 LOT SIZE 50.000 X 140 OR 13186-543 0287 1 COC 26185-0468 12 2007 1 | ||
| Price | $2,999,999 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 3.59% |
| Gross Rent Multiplier | 8 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 8,040 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1947 |
| Zoning | RM-1 - OCEAN BEACH ADD NO 3 PB 2-81 LOT 13 BLK 87 LOT SIZE 50.000 X 140 OR 13186-543 0287 1 COC 26185-0468 12 2007 1 |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
1 1
Exceptionally walkable
90/100
Fairly drivable
40/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02-4203-009-6670 | Total Assessment | $2,100,000 |
| Land Assessment | $1,120,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $980,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
02-4203-009-6670
Land Assessment
$1,120,000
Improvements Assessment
$980,000
Total Assessment
$2,100,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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845 Michigan Ave
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