Six-Unit Apartment
For Sale
$1,800,000
3191 SW 23rd St, Miami, FL 33145
Residential Income, Miami, FL
Property Size4,452 SF
Lot Size0.17 Acres
Price / SF$404.31
Days on Market30
Property Features for 3191 SW 23rd St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
5700
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 5, Bathroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 6, Bedroom 3, Bedroom 7, Bathroom 1, Bedroom 4
Parking
10
Security features
Security
Exterior features
Storm/Security Shutters
Subdivision
MIAMI SUBURBAN ACRES
Lot features
< 1/4 Acre
Directions
Google Maps
Standard status
Active
APN
01-41-16-008-0450
Size
4,452 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MIAMI SUBURBAN AC PB 2-84 W1/2 OF S1/2 LOT 12 BLK 3 LOT SIZE 7325 SQUARE FEET OR 15319-3680 1291 1
Tax Annual Amount
17544
Legal Description
MIAMI SUBURBAN AC PB 2-84 W1/2 OF S1/2 LOT 12 BLK 3 LOT SIZE 7325 SQUARE FEET OR 15319-3680 1291 1
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1969
Floors in Building
2
Flooring type
Tile
Building materials
Block
Roof type
Flat, Tile
Architectural style
Other
Listing Agency:
1st Florida Homes
(954) 989-4909
Listed By:
Hillevi Simon · License #3306526
(305) 619-4435
Added: Aug 9
Changed: Sep 4
Last Checked: Sep 7 at 2:06PM
MLS# A12068193
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains a mix of two-bedroom, one-bath residences and one-bedroom, one-bath residences within 4,452 square feet of building area on a 7,325-square-foot lot. The property is fully occupied and includes on-site parking, with additional street parking available. Construction features include block walls, tile flooring, flat and tile roofing, public sewer service, and wall or window-mounted cooling systems.
Recent property work includes updated electrical panels, completion of a 40-year recertification, and hurricane shutters. Built in 1969, the building is located in Miami near Coral Gables, Coconut Grove, Downtown Miami, major roadways, employment centers, and Miami International Airport.
Recent property work includes updated electrical panels, completion of a 40-year recertification, and hurricane shutters. Built in 1969, the building is located in Miami near Coral Gables, Coconut Grove, Downtown Miami, major roadways, employment centers, and Miami International Airport.
Key Highlights
- Six apartment units in a mix of 2‑bedroom/1‑bath and 1‑bedroom/1‑bath layouts
- 4,452 SF building on a 7,325 SF lot
- Fully occupied with on‑site and additional street parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$82,244
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,644,880
$1.6M
Cap Rate 7%
$1,174,914
$1.2M
Cap Rate 9%
$913,822
$913.8K
Market Conditions
NOI Build-Up for 4,452 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$160.3K $36.00/SF
− Vacancy
−$10.7K −$2.41/SF
EGI
$149.5K $33.59/SF
− OpEx
−$67.3K −$15.11/SF
NOI
$82.2K $18.47/SF
Area
Miami, FL
Vacancy
6.70%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,644,880
Cap Rate 7%
$1,174,914
Cap Rate 9%
$913,822
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,244 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.01M
$2.63M – $3.51M
NOI $210,359 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with a two-bedroom and one-bedroom unit mix, on-site parking, and recent capital improvements.
Where is this apartment building located?
The property is located at 3191 SW 23rd St Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six apartment units in a mix of 2‑bedroom/1‑bath and 1‑bedroom/1‑bath layouts; 4,452 SF building on a 7,325 SF lot; Fully occupied with on‑site and additional street parking
