Eight-Unit Apartment
For Sale
$1,700,000
85 W 28th St, Hialeah, FL 33010
Commercial Sale, Hialeah, FL
Property Size4,905 SF
Lot Size0.15 Acres
Price / SF$346.59
Days on Market41
Property Features for 85 W 28th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
4600
Parking
10
Parking features
Assigned
Security features
Security System
Subdivision
31
Standard status
Active
APN
04-31-07-004-0930
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
7 53 41 HIALEAH 11TH ADD PB 9-76 LOT 28 BLK 175 LOT SIZE 50.000 X 129 OR 13265-1209 0487 1
Tax Annual Amount
13920
Legal Description
7 53 41 HIALEAH 11TH ADD PB 9-76 LOT 28 BLK 175 LOT SIZE 50.000 X 129 OR 13265-1209 0487 1
Utilities
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1971
Floors in Building
2
Number of units
8
Flooring type
Terrazzo
Building materials
Block
Roof type
Composition
Listing Agency:
RE/MAX United Realty · RE/MAX International
(305) 575-2727
Listed By:
Saul Milian · License #3325806
(305) 298-7079
Added: Jul 30
Changed: Sep 2
Last Checked: Sep 8 at 11:06PM
MLS# A12058410
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 two-story apartment property contains eight units, including four one-bedroom, one-bath residences and four two-bedroom, one-bath residences. The building was constructed in 1971 on a 0.1481-acre lot and features block construction, terrazzo flooring, assigned parking, public water, and wall or window-unit heating and cooling. Recent property improvements include a roof that is 1 year old, impact windows, and security cameras.
All eight units are occupied under flexible month-to-month leases. The property is located at 85 W 28th St in Hialeah, Florida, within Miami-Dade County. Its unit mix, current occupancy, and updated exterior and security components provide a clear operating profile for multifamily ownership.
All eight units are occupied under flexible month-to-month leases. The property is located at 85 W 28th St in Hialeah, Florida, within Miami-Dade County. Its unit mix, current occupancy, and updated exterior and security components provide a clear operating profile for multifamily ownership.
Key Highlights
- Eight‑unit configuration with four 1BD/1BA and four 2BD/1BA apartments
- 100% occupied with flexible month‑to‑month leases
- Roof is 1 year old; impact windows and security cameras included
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
$65,683
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
3.86%
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%
$1,313,660
$1.3M
Cap Rate 7%
$938,329
$938.3K
Cap Rate 9%
$729,811
$729.8K
Market Conditions
NOI Build-Up for 4,905 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
$127.7K $26.04/SF
− Vacancy
−$8.3K −$1.69/SF
EGI
$119.4K $24.35/SF
− OpEx
−$53.7K −$10.96/SF
NOI
$65.7K $13.39/SF
Area
Hialeah, FL
Vacancy
6.50%
Lease Rate
$26.04 /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%
$1,313,660
Cap Rate 7%
$938,329
Cap Rate 9%
$729,811
Alternative Uses
Best Use
Apartment 5plus
$938.3K
$821.0K – $1.09M
NOI $65,683 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,143 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,858
Businesses Nearby
Explore this area
Business Placement
Demographics for 33010, FL
43,902
Population
16,456
Households
2.7
Avg Household Size
48
Median Age
20%
College-Educated
71%
High-School Grad
4.3 sq mi
ZIP Area
10,210
Density / Sq Mi
$45,449
Median Household Income
$30,466
Median Earnings
$1,318
Median Rent
$346,500
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 - Two-story multifamily property with a balanced mix of one- and two-bedroom units.
Where is this apartment building located?
The property is located at 85 W 28th St Hialeah, FL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Eight‑unit configuration with four 1BD/1BA and four 2BD/1BA apartments; 100% occupied with flexible month‑to‑month leases; Roof is 1 year old; impact windows and security cameras included
