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934 Meridian Ave 16 Unit Apartment Building $6,050,100 CAD ($378,131 CAD/Unit) 5.16% Cap Rate Miami Beach, FL 33139
Executive Summary
A rare value add opportunity on one of the most beautiful tree lined streets in South Beach. 934 Meridian Avenue is a 16 unit multifamily building already producing income from day 1 at a 5 cap, with a new roof and new water heater already in place-removing two of the biggest capital items from a buyer's list. In-place rents sit meaningfully below stabilized market levels; A program of straightforward unit level cosmetic improvements has the potential to raise rents exponentially and unlock significant additional value.
Property Facts
| Price | $6,050,100 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $378,131 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.16% | Building Size | 7,168 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 0.41/1,000 SF |
| Zoning | RM-1 | ||
| Price | $6,050,100 CAD |
| Price Per Unit | $378,131 CAD |
| Sale Type | Investment |
| Cap Rate | 5.16% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,168 SF |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 0.41/1,000 SF |
| Zoning | RM-1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 9 | - | 550 |
| 1+1 | 7 | - | 700 |
1 1
Exceptionally walkable
90/100
Fairly drivable
50/100
Limited public transit
30/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 02-4203-009-4370 | Improvements Assessment | $2,144,953 CAD |
| Land Assessment | $1,766,432 CAD | Total Assessment | $3,911,385 CAD |
Property Taxes
Parcel Number
02-4203-009-4370
Land Assessment
$1,766,432 CAD
Improvements Assessment
$2,144,953 CAD
Total Assessment
$3,911,385 CAD
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934 Meridian Ave
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