$2,800,000
Miami Beach, FL 33139
MLS# F10546676
6608 sqft
1 / 10
Property Description
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 put on 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. Cap Rate 4.5%, 2025 Effective Gross Income: $241,000, 2025 Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k
Details
Maps
Contract Information
Comp Sale YN: No
Listing Date: 2026-02-02
Status: Active
Original List Price: 3200000
List Price: $2,800,000
Current Price: $2,800,000
Location and Legal
County Or Parish: Miami-Dade
County Parish Name: Miami-Dade
City Name: Miami Beach
Municipal Code: 42
Postal Code: 33139
Subdivision Number: 9
Country: United States
Street Number: 828
Street Name: Pennsylvania
Street Suffix: Avenue
State Or Province: FL
Postal Code +4: 5711
Area: 2420
Parcel Number: 0242030091440
Zoning: 3900
General Property Information
Leasable Area: 5862
Lot Size Area: 7000
Property Sub Type: Multi Family
Building Area Main: 6608
Year Built: 1928
Lot Size Acres: 0.16
Financial Information
Tax Assessed/SOH Value: 1950000
Assessor Market Value: 1950000
Tax Annual Amount: 39072
Tax Year: 2024
Tax Legal Description: OCEAN BEACH ADD NO 3 PB 2-81 LOT 4 BLK 45 LOT SIZE 50.000 X 140 OR 23577-1431 07 2005 1
Office/Member Information
DXORIGMLSID: FLL
Status Change Information
Back on Market Date: 2026-09-08
Major Change Timestamp: 2026-09-08T13:04:48Z
Major Change Type: Back on Market
Price Change Timestamp: 2026-09-02T16:34:19Z
Status Change Date: 2026-09-08
Short Sale Details
Short Sale Addendum: No
Structure Type
Warehouse: 1
Price Calculations
Current Price To SqFt: 484.26
Section Details
Parcel Number MLX: 1440
Originating Details
Originating System Key: 609065761
Originating System ID: M00000170
Property Features
Structure Type: Warehouse
Supplements
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 4.5%, Effective Gross Income: $241,000, Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k
Listing Office: LoKation
Last Updated: October - 01 - 2026
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. Copyright 2026 Beaches Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
