BreakThru Realty

828 Pennsylvania Avenue, Miami Beach, FL 33139

$2,800,000 · $424 per sq ft · Multifamily for sale

  • Property type: Multi Family
  • Asking price: $2,800,000
  • Price per sq ft: $424
  • Building size: 6,608 sq ft
  • Lot size: 6,970 sq ft
  • Zoning: 3900
  • Year built: 1928
  • Parcel ID: 0242030091440
  • MLS#: F10546676
Photo 1 at 828 Pennsylvania Avenue, Miami BeachPhoto 2 at 828 Pennsylvania Avenue, Miami BeachPhoto 3 at 828 Pennsylvania Avenue, Miami BeachPhoto 4 at 828 Pennsylvania Avenue, Miami BeachPhoto 5 at 828 Pennsylvania Avenue, Miami BeachPhoto 6 at 828 Pennsylvania Avenue, Miami BeachPhoto 7 at 828 Pennsylvania Avenue, Miami BeachPhoto 8 at 828 Pennsylvania Avenue, Miami Beach

About this property

Attractive multifamily 12-unit boutique property in the heart of the popular and highly desirable Flamingo Submarket of South Beach. Located two blocks away from the beach, the property is well-maintained and fully-leased. Brand new roof put on in 2025. Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Cap Rate 4.5%, 2025 Effective Gross Income: $241,000, 2025 Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k Attractive multifamily 12-unit boutique property in the heart of the popular and highly desirable Flamingo Submarket of South Beach. Located two blocks away from the beach, the property is well-maintained and fully-leased. Brand new roof in 2025.Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Residents also benefit from the convenience of an on-site laundry facility. Units have a mix of wall and central air conditioning.The property offers an investor the opportunity to acquire an excellently located two-story Art Deco style building that reflects the charm of Miami Beach in a bygone era. In addition, the in-place renovations afford an investor the opportunity to raise rents immediately or continue to upgrade units and execute a value-added strategy.Cap Rate 4.5%, Effective Gross Income: $241,000, Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k

Operating Statement

Property taxes$39,072/yr

Income and expenses as the seller entered them in the MLS, not verified. A buyer's lender underwrites from the actual statements and the property tax and insurance a new owner will pay.

Presented by

BreakThru Realty · (786) 914-1017

Courtesy of

LoKation · mls@lokationre.com · Listing agent: Albert Simon

BeachesMLS logo All listings featuring the BMLS logo are provided by BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright © 2026 BeachesMLS, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by BeachesMLS. Listings held by brokerage firms other than BreakThru Realty carry the name of the listing broker.

Request a tour or more information

Call or text BreakThru Realty at (786) 914-1017 or email sales@breakthrurealty.com to tour 828 Pennsylvania Avenue or to ask for what the listing leaves out: the rent roll, the leases and the operating statements.

Questions About 828 Pennsylvania Avenue

How much is 828 Pennsylvania Avenue?
828 Pennsylvania Avenue is listed at $2,800,000, about $424 per square foot of building. Ask for the rent roll, the existing leases and the operating statements: for an income property those, more than the asking price, show what the building is worth.
What is 828 Pennsylvania Avenue zoned?
The listing reports zoning of 3900. Permitted uses, parking and signage are set by the city or county zoning code, so confirm your intended use with the local zoning office before you close.
How big is 828 Pennsylvania Avenue?
The listing reports 6,608 square feet of building.
When was 828 Pennsylvania Avenue built?
828 Pennsylvania Avenue was built in 1928. For an older commercial building, ask about the roof, the HVAC and electrical systems, fire and life-safety compliance and whether a county building safety recertification is due.
What are the property taxes on 828 Pennsylvania Avenue?
The listing reports annual property taxes of $39,072 for 2024. Florida reassesses a non-homestead property after it sells, so budget for the new owner's bill rather than the current one.
How do I tour 828 Pennsylvania Avenue?
Request a tour from this page or call BreakThru Realty. A licensed agent will arrange access with the listing broker and ask for what the listing leaves out, such as the rent roll, the leases and the operating statements.

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