13-Unit Corner Multifamily
For Sale
$2,600,000
1 Northeast 78th Street, Miami, FL 33138
1971 two-story 13-unit multifamily on a prominent corner lot with NE 78th Street frontage.
Property Size6,395 SF
Price / SF$406.57
Days on Market232
Property Features for 1 Northeast 78th Street
General Information
Standard status
Active
Size
6,395 SF
Property subtype
Commercial Sale / Multi Family
Amenities
No
Building Details
Year Built
1971
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Vicente Javier Rodriguez · License #3289280
(305) 510-6627
Source:
Compass
Added: Jan 17
Changed: Aug 8
Last Checked: Jul 28 at 1:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This 13-unit multifamily property is a two-story building constructed in 1971. The building totals approximately 7,496 SF of living area and sits on a 13,063 SF corner lot. The asset is currently operating with stable in-place income.
The property is positioned with frontage along NE 78th Street in Little River and is described as offering strong visibility and walkability, with connectivity to the Design District, Wynwood, and Downtown Miami, as well as major transit corridors. The property is governed by T6-8-O zoning, which supports high-density mixed-use redevelopment of up to eight stories. The current financial performance is reported as an in-place NOI of approximately $191,000, equating to a 7.35% cap rate.
The property is positioned with frontage along NE 78th Street in Little River and is described as offering strong visibility and walkability, with connectivity to the Design District, Wynwood, and Downtown Miami, as well as major transit corridors. The property is governed by T6-8-O zoning, which supports high-density mixed-use redevelopment of up to eight stories. The current financial performance is reported as an in-place NOI of approximately $191,000, equating to a 7.35% cap rate.
Key Highlights
- 13‑unit multifamily building built in 1971, operating with stable in‑place income
- Two‑story structure totaling approx. 7,496 SF on a 13,063 SF lot with prominent corner lot frontage on NE 78th Street
- In‑place NOI approx. $191,000 and stated 7.35% cap rate
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
$118,137
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
4.54%
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%
$2,362,740
$2.4M
Cap Rate 7%
$1,687,671
$1.7M
Cap Rate 9%
$1,312,633
$1.3M
Market Conditions
NOI Build-Up for 6,395 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
$230.2K $36.00/SF
− Vacancy
−$15.4K −$2.41/SF
EGI
$214.8K $33.59/SF
− OpEx
−$96.7K −$15.11/SF
NOI
$118.1K $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%
$2,362,740
Cap Rate 7%
$1,687,671
Cap Rate 9%
$1,312,633
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,137 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.32M
$3.78M – $5.04M
NOI $302,167 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,288
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
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 - 1971 two-story 13-unit multifamily on a prominent corner lot with NE 78th Street frontage.
Where is this apartment building located?
The property is located at 1 Northeast 78th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 13‑unit multifamily building built in 1971, operating with stable in‑place income; Two‑story structure totaling approx. 7,496 SF on a 13,063 SF lot with prominent corner lot frontage on NE 78th Street; In‑place NOI approx. $191,000 and stated 7.35% cap rate
