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Ocean 18 Lofts 924 Marseille Dr 18 Unit Apartment Building $4,140,000 ($230,000/Unit) 5% Cap Rate Miami Beach, FL 33141
INVESTMENT HIGHLIGHTS
- 3-Story Building, 1926 Construction with 18 Units Located on Normandy Isle in Miami Beach
- Extensively Renovated Units Featuring Central A/C, Tile Flooring, Electric Appliances, Modern Baths
- Unit Mix of (11) Studios, (4) One-Bedroom | One-Bathroom, (3) Two-Bedroom | One-Bathroom Units
- Walking Distance to Miami Beach Tennis Center, North Shore Park & Youth Center, Miami Beach Bandshell, Walgreens, Normandy Isle Park & Pool, Publix
EXECUTIVE SUMMARY
Ocean 18 Lofts is a three-story, 18-unit multifamily property originally constructed in 1926 and extensively renovated in 2023. The building is of concrete block construction with a painted stucco exterior and flat roof. The property contains approximately 11,437 square feet of gross building area and 10,625 square feet of gross leasable area, situated on a 9,375-square-foot lot, according to the Miami-Dade County Property Appraiser.
The unit mix consists of eleven (11) studio apartments, four (4) one-bedroom/one-bathroom units, and three (3) two-bedroom/one-bathroom units. Units feature central air conditioning, updated interiors, and modern finishes, with on-site laundry available for tenant convenience. Utilities include city water and sewer paid by ownership, while electric service is individually metered and paid by tenants.
The unit mix consists of eleven (11) studio apartments, four (4) one-bedroom/one-bathroom units, and three (3) two-bedroom/one-bathroom units. Units feature central air conditioning, updated interiors, and modern finishes, with on-site laundry available for tenant convenience. Utilities include city water and sewer paid by ownership, while electric service is individually metered and paid by tenants.
PROPERTY FACTS
| Price | $4,140,000 | Apartment Style | Low-Rise |
| Price Per Unit | $230,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 5% | Building Size | 11,437 SF |
| Gross Rent Multiplier | 10.79 | Average Occupancy | 89% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1926/2023 |
| Property Subtype | Apartment | ||
| Zoning | RM-1 - Residential | ||
| Price | $4,140,000 |
| Price Per Unit | $230,000 |
| Sale Type | Investment |
| Cap Rate | 5% |
| Gross Rent Multiplier | 10.79 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.22 AC |
| Building Size | 11,437 SF |
| Average Occupancy | 89% |
| No. Stories | 3 |
| Year Built/Renovated | 1926/2023 |
| Zoning | RM-1 - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Bicycle Storage
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 11 | - | 498 |
| 1+1 | 4 | - | 650 |
| 2+1 | 3 | - | 850 |
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Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 02-3210-013-0310 | Improvements Assessment | $2,142,500 |
| Land Assessment | $937,500 | Total Assessment | $3,080,000 |
PROPERTY TAXES
Parcel Number
02-3210-013-0310
Land Assessment
$937,500
Improvements Assessment
$2,142,500
Total Assessment
$3,080,000
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Ocean 18 Lofts | 924 Marseille Dr
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