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North Beach Apartments 420 78th St 23 Unit Apartment Building $6,701,632 CAD ($291,375 CAD/Unit) 5.02% Cap Rate Miami Beach, FL 33141
Investment Highlights
- Prime Coastal Location: Situated in the heart of North Beach, just steps from the ocean in one of Miami’s most desirable rental markets.
- Strong In-Place Income: Currently generating approximately $408,000 in gross annual income.
- Value-Add Upside: Opportunity to increase returns through future rent growth in a high-demand, supply-constrained submarket.
- Fully Occupied Asset: All 23 units are currently leased, providing immediate and stable cash flow from day one.
- Assumable Low-Interest Financing: Existing CBRE loan with an approximate $1.7 million balance at a highly attractive 3.18% interest rate.
Executive Summary
420 78th St is a 23-unit multifamily property located in the heart of North Beach, just steps from the ocean. The asset consists of 22 studio units and one 1-bedroom/1-bath unit within a 7,821 SF, three-story building, currently generating approximately $408,000 in gross income. The property is fully occupied, offering strong in-place cash flow with additional upside through future rent growth, making it an attractive investment opportunity in a high-demand rental market. Positioned in a prime beachside location, the property benefits from consistent tenant demand and is just minutes from major employment hubs, retail, and dining, as well as Downtown Miami. The offering also includes a highly attractive assumable loan through CBRE with an approximate $1.7M balance at a 3.18% interest rate, providing a significant financing advantage for a new owner.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$558,834
|
$70.92
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$558,834
|
$70.92
|
| Taxes |
$85,226
|
$10.82
|
| Operating Expenses |
$137,493
|
$17.45
|
| Total Expenses |
$222,718
|
$28.26
|
| Net Operating Income |
$336,116
|
$42.65
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $558,834 |
| Annual Per SF | $70.92 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $558,834 |
| Annual Per SF | $70.92 |
| Taxes (CAD) | |
|---|---|
| Annual | $85,226 |
| Annual Per SF | $10.82 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $137,493 |
| Annual Per SF | $17.45 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $222,718 |
| Annual Per SF | $28.26 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $336,116 |
| Annual Per SF | $42.65 |
Property Facts
| Price | $6,701,632 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $291,375 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.02% | Building Size | 7,880 SF |
| No. Units | 23 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1940/1960 |
| Zoning | RM-1 - MULTI-FAMILY - 38-62 U/A | ||
| Price | $6,701,632 CAD |
| Price Per Unit | $291,375 CAD |
| Sale Type | Investment |
| Cap Rate | 5.02% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 7,880 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1940/1960 |
| Zoning | RM-1 - MULTI-FAMILY - 38-62 U/A |
Amenities
Unit Amenities
- Air Conditioning
- Refrigerator
- Oven
- Range
Site Amenities
- Courtyard
- Laundry Facilities
- Gated
- Vintage Building
- Lounge
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | $2,257 CAD | 450 |
| 1+1 | 1 | $2,872 CAD | 600 - 800 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 02-3202-007-0980 | Total Assessment | $4,732,173 CAD |
| Land Assessment | $927,287 CAD | Annual Taxes | $85,226 CAD ($10.82 CAD/SF) |
| Improvements Assessment | $3,804,886 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
02-3202-007-0980
Land Assessment
$927,287 CAD
Improvements Assessment
$3,804,886 CAD
Total Assessment
$4,732,173 CAD
Annual Taxes
$85,226 CAD ($10.82 CAD/SF)
Tax Year
2025
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North Beach Apartments | 420 78th St
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