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About This Home
This 0-bedroom, 0-bathroom residential multi family at 828 Pennsylvania Avenue in Miami Beach, FL is listed for $3,200,000 ($484 per sqft). Built in 1928, the home offers 6,608 sqft of living space on a 0.16 acres lot.
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 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
Key Features
- Built in 1928
- 0.16 acre lot
Property Details
Monthly Cost Estimate
$17,114/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
828 Pennsylvania Avenue
Miami Beach, FL 33139
Questions & Answers
This 0-bedroom, 0-bathroom residential multi family at 828 Pennsylvania Avenue is listed at $3,200,000 ($484/sqft). The estimated monthly payment is $13,867 based on 20% down at 6.5% interest.
Key features include: Built in 1928, 0.16 acre lot.
This property is listed by Albert Simon and can be reached at 5715010827 or ams2123@gmail.com.
