Edgewater Manor Apartments 8500 Byron Ave
7 Unit Apartment Building $2,850,000 ($407,143/Unit) Miami Beach, FL 33141
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INVESTMENT HIGHLIGHTS
- Approximately 70' of Water Frontage
- Waterfront Deck & Dock
- Corner Lot Property
- 7 Parking Spaces
- Two-story loft style unit with terrace
- Walking Distance to North Shore Park
EXECUTIVE SUMMARY
Introducing 8500 Byron, a rare waterfront multifamily investment located in the rapidly developing North Beach neighborhood of Miami Beach. This property features nearly 70 feet of water frontage on the Tatum Waterway, offering both lifestyle appeal and substantial income potential. The building comprises seven spacious units, including a renovated two-story two bed 2 bath townhouse with a private rooftop terrace ideal for an owner-occupant, along with six additional residences (1 studio, 3 one-bedroom units, and 2 two-bedroom units).
Amenities include a private dock with unobstructed boat access to the bay, dedicated off-street parking, lush landscaping, and in-unit laundry facilities in townhouse, onsite coin laundry for other units. Situated steps from beaches, parks, shops, and dining establishments, 8500 Byron benefits from strong tenant demand in a vibrant, walkable community.
Recent significant capital improvements—including a new roof, replacement of the main sewer line, fresh paint, landscaping enhancements, and rooftop deck—ensure low-maintenance ownership while below-market rents provide immediate opportunities for financial growth.
Amenities include a private dock with unobstructed boat access to the bay, dedicated off-street parking, lush landscaping, and in-unit laundry facilities in townhouse, onsite coin laundry for other units. Situated steps from beaches, parks, shops, and dining establishments, 8500 Byron benefits from strong tenant demand in a vibrant, walkable community.
Recent significant capital improvements—including a new roof, replacement of the main sewer line, fresh paint, landscaping enhancements, and rooftop deck—ensure low-maintenance ownership while below-market rents provide immediate opportunities for financial growth.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income |
$220,800
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$34.85
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Other Income |
-
![]() |
-
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Vacancy Loss |
$6,624
![]() |
$1.05
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Effective Gross Income |
$214,176
![]() |
$33.80
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Taxes |
$25,936
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$4.09
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Operating Expenses |
$67,515
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$10.66
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Total Expenses |
$93,451
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$14.75
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Net Operating Income |
$120,725
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$19.05
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PROPERTY FACTS
Price | $2,850,000 |
Price Per Unit | $407,143 |
Sale Type | Investment |
No. Units | 7 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.20 AC |
Building Size | 6,336 SF |
Average Occupancy | 85% |
No. Stories | 2 |
Year Built | 1951 |
Parking Ratio | 1.1/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Disposal
- Microwave
- Washer/Dryer
- Ceiling Fans
- Tile Floors
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Deck
- Dining Room
- Dock
- Patio
- Large Bedrooms
- Floor to Ceiling Windows
SITE AMENITIES
- Laundry Facilities
- Waterfront
- Grill
UNIT MIX INFORMATION
DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
---|---|---|---|
Studios | 1 | - | 450 |
1+1 | 3 | - | 620 - 670 |
2+1 | 1 | - | 950 |
2+2 | 2 | - | 1,070 - 1,150 |
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PROPERTY TAXES
Parcel Number | 02-3202-005-0050 | Total Assessment | $1,380,216 (2024) |
Land Assessment | $964,700 (2024) | Annual Taxes | $25,936 ($4.09/SF) |
Improvements Assessment | $415,516 (2024) | Tax Year | 2025 |
ZONING
Zoning Code | RM-1 (RM-1: The RM-1 residential multifamily, low-density district is designed for low intensity, low rise, single- family and multiple-family residences.) |