Renovated 6-Unit Apartment
For Sale
$2,200,000
Miami, FL 33130, Miami, FL 33130
COMMERCIAL - Other - Miami, FL
Property Size4,608 SF
Lot Size0.13 Acres
Price / SF$477.43
Days on Market306
Property Features
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
OA01 - Out of Area
Standard status
Active
APN
RDJ REAL ESTATE INVESTMENTS LLC
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
22803
Building Details
Year built
1925
Floors in Building
2
Architectural style
Other
Listing Agency:
Re/Max Destination Realty
(239) 432-9030
Listed By:
Joey Fumero-Manso · License #279646883
(786) 400-6373
Added: Oct 25, 2025
Changed: Aug 19
Last Checked: Aug 26 at 8:06PM
MLS# 2025017041
Copyright © 2026 Florida Gulf Coast Multiple Listing Service, Inc. 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 renovated apartment property contains six units totaling 4,608 SF of living space. The unit mix includes five 2-bedroom/1-bath residences and one 3-bedroom/1-bath residence. Building improvements include a roof replacement completed in 2024 with permit documentation, updated A/C units and mini-splits from 2023, and completed 40-Year Recertification in 2025. Originally built in 1925, the property occupies 0.13 acres.
The multifamily building is located in Little Havana in Miami, Florida, within Miami-Dade County. The property generates a stated 5.94% capitalization rate.
The multifamily building is located in Little Havana in Miami, Florida, within Miami-Dade County. The property generates a stated 5.94% capitalization rate.
Key Highlights
- Six‑unit apartment property with 4,608 SF of living space
- Unit mix includes five 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit
- 40‑Year Recertification completed in 2025
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
$85,125
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
3.87%
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%
$1,702,500
$1.7M
Cap Rate 7%
$1,216,071
$1.2M
Cap Rate 9%
$945,833
$945.8K
Market Conditions
NOI Build-Up for 4,608 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
$165.9K $36.00/SF
− Vacancy
−$11.1K −$2.41/SF
EGI
$154.8K $33.59/SF
− OpEx
−$69.6K −$15.11/SF
NOI
$85.1K $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%
$1,702,500
Cap Rate 7%
$1,216,071
Cap Rate 9%
$945,833
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,125 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.11M
$2.72M – $3.63M
NOI $217,730 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 33130, FL
35,609
Population
20,377
Households
1.7
Avg Household Size
36
Median Age
42%
College-Educated
81%
High-School Grad
1.1 sq mi
ZIP Area
32,372
Density / Sq Mi
$57,933
Median Household Income
$36,888
Median Earnings
$1,656
Median Rent
$479,800
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 - Roof replacement, updated A/C systems, and completed recertification support the renovated multifamily property.
Where is this apartment building located?
The property is located at Miami, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Six‑unit apartment property with 4,608 SF of living space; Unit mix includes five 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit; 40‑Year Recertification completed in 2025
