13-Unit Corner Multifamily
1 Northeast 78th Street Miami, FL 33138
1 Northeast 78th Street, Miami, FL, 33138
$2,600,000
For Sale
$2,600,000
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 Market179
Property Features for 1 Northeast 78th Street
General Information
- Standard status
- Active
- Size
- 6,395 SF
- Property subtype
- Commercial Sale / Multi Family
Building Details
- Year Built
- 1971
Listing agency
Fausto Commercial Realty Consultants Inc
(305) 510-6627
Listed by
Vicente Javier Rodriguez · License #3289280
(305) 510-6627
Source
Compass
Added: Jan 25 Updated: Jul 21 at 4:13PM Checked: Jul 22 at 6:52AM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $230.2k | $36.00 |
| − Vacancy | −$15.4k | −$2.41 |
| EGI | $214.8k | $33.59 |
| − OpEx | −$96.7k | −$15.11 |
| NOI | $118.1k | $18.47 |
6,395 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
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
