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790 81st St 10 Unit Apartment Building $3,446,250 CAD ($344,625 CAD/Unit) 5.57% Cap Rate Miami Beach, FL 33141
INVESTMENT HIGHLIGHTS
- 5.57% cap rate at list price with additional upside through renovations
- Separate electric and gas meters reduce operating expenses.
- Significant value-add potential through interior upgrades.
- Ten large 1-bed/1-bath units averaging 700+ rentable square feet.
- Strong rental demand in highly walkable North Beach.
- Located near major redevelopment zones and the North Beach Town Center District.
EXECUTIVE SUMMARY
Fausto Commercial is proud to present Seven90 Apartments, a 10-unit multifamily asset located in the highly walkable North Beach district of Miami Beach. Built in 1958, the property consists of a two-story building positioned between Hawthorne Avenue and Crespi Boulevard, just steps from the Tatum Waterway and minutes from the ocean. The building features ten large one-bed/one-bath units, each approximately 700+ square feet, with separate electric and gas meters, individual water heaters, and classic Miami Beach architectural charm. While the property has received selective updates, it still offers strong value-add upside through modernization and strategic rent increases. The surrounding area is benefiting from major public and private investment, including the North Beach Town Center District and several large-scale redevelopment projects, supporting long-term rent growth and appreciation. •Stable tenant base with flexible lease structure for rent growth. Steps from Tatum Waterway, Collins Ave, Harding Ave, and the Atlantic Ocean
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$281,214
|
$33.30
|
| Other Income |
$3,446
|
$0.41
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$284,660
|
$33.70
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$75,750
|
$8.97
|
| Net Operating Income |
$208,910
|
$24.73
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $281,214 |
| Annual Per SF | $33.30 |
| Other Income (CAD) | |
|---|---|
| Annual | $3,446 |
| Annual Per SF | $0.41 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $284,660 |
| Annual Per SF | $33.70 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $75,750 |
| Annual Per SF | $8.97 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $208,910 |
| Annual Per SF | $24.73 |
PROPERTY FACTS
| Price | $3,446,250 CAD | Building Class | C |
| Price Per Unit | $344,625 CAD | Lot Size | 0.13 AC |
| Sale Type | Investment | Building Size | 8,446 SF |
| Cap Rate | 5.57% | Average Occupancy | 90% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-1 - Zoning RM-1, 3900 Residential Multifamily Low Intensity District by the city of Miami Beach, FL | ||
| Price | $3,446,250 CAD |
| Price Per Unit | $344,625 CAD |
| Sale Type | Investment |
| Cap Rate | 5.57% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 8,446 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | RM-1 - Zoning RM-1, 3900 Residential Multifamily Low Intensity District by the city of Miami Beach, FL |
AMENITIES
UNIT AMENITIES
- Garden
SITE AMENITIES
- Trash Pickup - Curbside
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $2,343 CAD | 844 |
PROPERTY TAXES
| Parcel Number | 02-3202-008-0540 | Improvements Assessment | $1,519,943 CAD (2025) |
| Land Assessment | $695,359 CAD (2025) | Total Assessment | $2,215,301 CAD (2025) |
PROPERTY TAXES
Parcel Number
02-3202-008-0540
Land Assessment
$695,359 CAD (2025)
Improvements Assessment
$1,519,943 CAD (2025)
Total Assessment
$2,215,301 CAD (2025)
CONTACTS
-
Vicente Rodriguez -
Christopher Canizares -
Fausto Commercial Realty Consultants
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790 81st St
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