Edgewater Manor Apartments 8500 Byron Ave

7 Unit Apartment Building $2,850,000 ($407,143/Unit) Miami Beach, FL 33141

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.

FINANCIAL SUMMARY (PRO FORMA - 2025)

ANNUAL ANNUAL PER SF
Gross Rental Income $220,800 $34.85
Other Income - -
Vacancy Loss $6,624 $1.05
Effective Gross Income $214,176 $33.80
Taxes $25,936 $4.09
Operating Expenses $67,515 $10.66
Total Expenses $93,451 $14.75
Net Operating Income $120,725 $19.05

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

PROPERTY TAXES

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.)
  • Listing ID: 34625414

  • Date on Market: 1/28/2025

  • Last Updated:

  • Address: 8500 Byron Ave, Miami Beach, FL 33141