About 828 Pennsylvania Ave
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: $140,700
Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k
