Boutique Apartment
For Sale
$5,100,000
761 NW 1st St, Miami, FL 33128
Residential Income, Miami, FL
Property Size9,804 SF
Price / SF$520.20
Days on Market73
Property Features for 761 NW 1st St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
6100
Subdivision
CITY OF MIAMI SOUTH
Lot features
1/4 to 1/2 Acre Lot
Standard status
Active
APN
01-02-00-070-1150
Size
9,804 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF MIAMI SOUTH PB B-41 S100FT LOT 13 BLK 7 LOT SIZE 5000 SQUARE FEET OR 15350-2363 0192 1 COC 21927-1328 12 2003 4
Tax Annual Amount
80929
Legal Description
CITY OF MIAMI SOUTH PB B-41 S100FT LOT 13 BLK 7 LOT SIZE 5000 SQUARE FEET OR 15350-2363 0192 1 COC 21927-1328 12 2003 4
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
impact-rated glazing
key-card entry
private rear yard
Building Details
Year built
2020
Floors in Building
3
Flooring type
Vinyl, Tile
Building materials
Block
Roof type
Concrete
Architectural style
Other
Listing Agency:
Compass Florida, LLC
(305) 851-2820
Listed By:
Arthur Porosoff · License #3160379
(305) 209-8866
Added: Jun 20
Changed: Aug 27
Last Checked: Aug 31 at 10:06AM
MLS# A12039122
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 16-unit apartment building offers a concrete and CMU structure with impact-rated glazing and key-card entry. The community was delivered in two phases and is reported at 100% occupancy. Interior finishes include polished concrete flooring, custom millwork, quartz countertops, and ceilings exceeding nine feet. Four two-bedroom A flats feature ceilings above 13 feet and private 750 SF rear yards. The property measures 9,804 square feet and includes central heating and central air, tile and vinyl flooring, a concrete roof, cable availability, and public sewer.
Located in Little Havana, the community is positioned ten minutes from Brickell, 12 mins from Wynwood, 15 mins from the Health District, and 23 mins from MIA. The Miami-Dade property is within the 33128 postal area.
Located in Little Havana, the community is positioned ten minutes from Brickell, 12 mins from Wynwood, 15 mins from the Health District, and 23 mins from MIA. The Miami-Dade property is within the 33128 postal area.
Key Highlights
- 16‑unit apartment community in Little Havana
- 9,804 square feet with 100% occupancy
- Concrete and CMU construction with impact‑rated glazing
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
$181,113
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
3.55%
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%
$3,622,260
$3.6M
Cap Rate 7%
$2,587,329
$2.6M
Cap Rate 9%
$2,012,367
$2.0M
Market Conditions
NOI Build-Up for 9,804 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
$352.9K $36.00/SF
− Vacancy
−$23.6K −$2.41/SF
EGI
$329.3K $33.59/SF
− OpEx
−$148.2K −$15.11/SF
NOI
$181.1K $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%
$3,622,260
Cap Rate 7%
$2,587,329
Cap Rate 9%
$2,012,367
Alternative Uses
Best Use
Apartment 5plus
$2.59M
$2.26M – $3.02M
NOI $181,113 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.62M
$5.79M – $7.72M
NOI $463,243 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,292
Businesses Nearby
Explore this area
Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Concrete multifamily community with contemporary interiors, private rear yards, and controlled key-card access.
Where is this apartment building located?
The property is located at 761 NW 1st St Miami, FL.
What is the asking price?
The asking price for this property is $5,100,000.
What are key features of this property?
This property features: 16‑unit apartment community in Little Havana; 9,804 square feet with 100% occupancy; Concrete and CMU construction with impact‑rated glazing
