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1329-1331 Pennsylvania Ave 8 Unit Apartment Building $4,412,576 CAD ($551,572 CAD/Unit) Miami Beach, FL 33139
EXECUTIVE SUMMARY
1329 Pennsylvania Avenue (aka Sherman Court) is a 1936 Art Deco building masterfully designed by Henry Hohauser, one of South Beach's most prominent architects in the Deco era. This is a well-maintained 8-unit apartment building, each with spacious 1-bed/1-bath layouts. The building also has common laundry facilities as well as 5 off street parking spaces. All units are occupied by excellent long-term tenants on month-to-month leases at $1,700 per month— well below market rate. With renovations, rents can be repositioned to $2,300 - $2,500, offering strong upside potential. The property has passed its 40-year recertification and boasts a rich Miami Beach history, blending architectural character with modern stability. A rare investment opportunity with secure cash flow and significant value-add potential.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$330,943
|
$45.06
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$330,943
|
$45.06
|
| Taxes |
$42,904
|
$5.84
|
| Operating Expenses |
$17,375
|
$2.37
|
| Total Expenses |
$60,279
|
$8.21
|
| Net Operating Income |
$270,665
|
$36.86
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $330,943 |
| Annual Per SF | $45.06 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $330,943 |
| Annual Per SF | $45.06 |
| Taxes (CAD) | |
|---|---|
| Annual | $42,904 |
| Annual Per SF | $5.84 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $17,375 |
| Annual Per SF | $2.37 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $60,279 |
| Annual Per SF | $8.21 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $270,665 |
| Annual Per SF | $36.86 |
PROPERTY FACTS
| Price | $4,412,576 CAD | Building Class | C |
| Price Per Unit | $551,572 CAD | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 7,344 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1936 |
| Apartment Style | Garden | Parking Ratio | 0.68/1,000 SF |
| Zoning | RM-1 - Residential Multi-Family | ||
| Price | $4,412,576 CAD |
| Price Per Unit | $551,572 CAD |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,344 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1936 |
| Parking Ratio | 0.68/1,000 SF |
| Zoning | RM-1 - Residential Multi-Family |
AMENITIES
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Vintage Building
- Public Transportation
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | 720 |
1 1
Walk Score®
Walker's Paradise (98)
Bike Score®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 02-4203-009-0700 | Total Assessment | $2,202,309 CAD |
| Land Assessment | $0 CAD | Annual Taxes | $42,904 CAD ($5.84 CAD/SF) |
| Improvements Assessment | $0 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
02-4203-009-0700
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$2,202,309 CAD
Annual Taxes
$42,904 CAD ($5.84 CAD/SF)
Tax Year
2025
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1329-1331 Pennsylvania Ave
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