925-965 Marseille Dr Luxury Redevelopment 965 Marseille Dr 27 Unit Apartment Building $16,744,401 CAD ($620,163 CAD/Unit) 3% Cap Rate Miami Beach, FL 33141

36,953 square feet assemblage, with 215 FT on the water.
Related Realty Commercial has been exclusively retained to
present the opportunity to acquire a rare,
contiguous waterfront assemblage located along Marseille
Drive on Normandy Isle, Miami Beach. The property offers a
compelling combination of in-place stabilized income, direct
Biscayne Bay canal frontage, and clearly defined redevelopment
optionality within one of Miami Beach’s most
supply-constrained and increasingly institutional submarkets.
The assemblage comprises five low-rise buildings across three
contiguous parcels, totaling approximately 36,953 square feet
(±0.85 acres) of land with approximately 215 feet of waterfront
frontage. The site is currently improved with a 27-unit
multifamily property, providing immediate cash flow while
allowing an investor to control a sizable waterfront footprint
with long-term redevelopment upside. Normandy Isle represents a unique inflection point
within the broader North Beach corridor. As large-scale
redevelopment continues to accelerate in adjacent
North Bay Village and along North Beach proper, large,
assemblable waterfront sites on Normandy Isle have
become increasingly scarce. The subject property
benefits from walkable proximity to the beach, strong
residential fundamentals, and adjacency to one of the
most significant redevelopment cycles currently
underway in Miami-Dade County.
This offering is best suited for experienced,
well-capitalized investors and developers seeking basis
discipline, entitlement expertise, and patient capital to
execute a thoughtful waterfront redevelopment strategy
while mitigating carry risk through existing income. Existing Asset & In-Place Incom
The property is currently improved with a fully leased
27-unit multifamily community configured as one-bedroom
units. The existing improvements underwent a
comprehensive renovation in 2014, including interior unit
upgrades, mechanical systems, windows, doors, electrical,
plumbing, and landscaping.
At the time of the most recent operating snapshot, the
asset was 100% occupied. While current rents are
considered below replacement and below current market
potential, underwriting supports the ability to generate
approximately $54,000 in monthly rental income, or
approximately $648,000 annually, through continued
stabilization and mark-to-market execution
The existing buildings are widely viewed as interim use,
allowing a buyer to:
Carry the asset during entitlement and design phases
Offset holding costs with in-place income
Maintain operational flexibility while pursuing
redevelopment approvals
This combination of income and optionality materially
reduces basis risk relative to vacant or
non-income-producing development sites.