Multifamily Property for Sale in Miami Beach, FL

  • Price: $5.5M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Miami Beach, FL 33141

Description

1785 to 1795 Calais Drive, Miami Beach, FL 33141 For Sale - Land Development Opportunity This property presents a rare waterfront land development opportunity in the highly sought after Normandy Isles section of Miami Beach. Situated on an oversized 18,800 square foot waterfront lot with direct ocean access, the property currently consists of two existing buildings totaling eight residential units. Positioned in one of Miami Beach’s fastest growing redevelopment corridors, the site offers exceptional potential for a luxury residential project, with ideal zoning and layout characteristics for a proposed 10 townhome development. The property combines prime waterfront exposure, strong redevelopment fundamentals, and close proximity to beaches, dining, shopping, and major thoroughfares, making it an attractive opportunity for developers and investors seeking scale in a premier Miami Beach location. The offering is priced at $5,549,900, with a projected after repair value estimated between $25 million and $30 million. Listing Type: FOR SALE

Market Context

This multifamily in Miami Beach, FL is listed for sale at $5,549,900. It has been on the market for 38 days. Compare it against other multifamily listings for sale in Miami Beach, FL — <a href="/search/sale/multifamily/florida/miami-beach">view the full market</a>.

As of Q4 2025, the Miami multifamily market showed a 6.4% vacancy rate, and cap rates around 6.3%. Source: Consensus Q4 2025 market report.

Multifamily market FAQ

What is the typical cap rate for multifamily in Miami?
About 6.3% as of Q4 2025, per Consensus.
Is the Miami multifamily market tightening or softening?
Vacancy is around 6.4% (Q4 2025).

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