USAFLMiami Beach¤Ocean Beach Addn No 3828 Pennsylvania Ave

Virtual Tour

$2,990,000

For Sale

3 months ago

828 Pennsylvania Ave, Miami Beach, FL

House

MLS® F10546676

0 Bed

0 Bath

Key Facts
Description
Map

Key Facts

Type Multi Family

Levels Commercial Sale

Size -

Garage

Taxes $39,072

Days Active 87

Lot Size

Approx. Age 1928

MLS® Number F10546676

Property Address: 828 Pennsylvania Ave, Miami Beach, FL, 33139-5711

Average square foot calculated using Size range provided by listing agent.

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

MLS® NumberF10546676

Laundry Level

Central VacNo

FireplaceNo

Acreage

Exterior

Garage

Approx. Age1928

Basement

Driveway

Garage Spaces

Heat

A/C

Heating Fuel

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

Feb 2, 2026List Date

$2,990,000List Price

Commute

Commute

Starting Address

Destination Address

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