934 Meridian Ave, Miami Beach, FL 33139 For Sale

Rare South Beach Multifamily Investment Opportunity

934 Meridian Avenue presents investors with the opportunity to acquire a 16-unit multifamily property in one of Miami Beach’s most desirable and walkable residential neighborhoods. The two-story building features an efficient unit mix of 14 studios and two one-bedroom apartments and is offered at $4,400,000, representing approximately $275,000 per unit.

The property currently generates approximately $221,799 in annualized net operating income, providing a 5.04% current cap rate. A new roof and new water heater have already been installed, addressing two of the property’s most significant capital items and allowing a new owner to focus investment toward unit renovations, operational improvements, and rent growth.

The existing apartments offer a clear value-add opportunity through targeted cosmetic upgrades to kitchens, bathrooms, fixtures, finishes, and common areas. As units are improved and leases turn over, an investor may have the opportunity to increase rental income and enhance the property’s overall value.

Located on a beautiful tree-lined street in the heart of South Beach, the property is within walking distance of Flamingo Park, Washington Avenue, Española Way, Lincoln Road, Ocean Drive, and the beach. Its central location, limited supply of comparable multifamily assets, and year-round renter demand make 934 Meridian Avenue a compelling opportunity for investors seeking current income, long-term appreciation, and value-add potential in Miami Beach.

Important correction before posting: the offering memorandum states 93.75% occupancy and 15 occupied units, but the rent-roll page appears to mark both Units 934-03 and 934-07 as vacant. That should be corrected or confirmed before the Crexi listing goes live.