$2,990,000

828 Pennsylvania Avenue, Miami Beach, FL 33139

  • 6,608 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1928
  • Property Lot Size Icon6,970sqft lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $452/sqft
  • Property List Date Icon Listed 4 months ago

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 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 Status:
Active
Date Added:
February 2, 2026
Data Last Updated:
June 20, 2026 at 7:06AM
Listing Office:
LoKation : 954-545-5583
Listing Agent:
Albert Simon : 571-501-0827
MLS ID:
F10546676
  • Originating MLS: Miami Association of REALTORS®
  • County: Miami-Dade County
  • Zoning: 3900OCEAN BEACH ADD NO 3 PB 2-81 LOT 4 BLK 45 LOT SIZE 50.000 X 140 OR 23577-1431 07 2005 102-42-03-009-1440
  • Source: Miami Association of REALTORS®

This listing courtesy of Albert Simon , LoKation

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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