Corner Mixed-Use Retail and
For Sale
$4,000,000
102 SW 16th Ave, Miami, FL 33135
Three-story corner building offers six retail bays and 18 elevator-served apartments with owner-paid utilities for water, sewer, and trash.
Property Size12,015 SF
Lot Size0.22 Acres
Price / SF$289.10
Days on Market57
Property Features for 102 SW 16th Ave
General Information
Standard status
Active
Size
12,015 SF
Lot size
0.22 Acres
Property subtype
Multifamily
Zoning
T5-O
Occupancy
95%
Additional Details
Road Access
Yes
Multifamily Units
18
Amenities
Mixed use building with retail and apartments
Value-Add opportunity
Excellent location on the corner of SW 1st Street
Several blocks from Loan Depot Park
Rental rates are well below market
Elevator Served building
Building Details
Building Size
12,015 SF
Stories
3
Units
24
Tenancy
Multi
Listing Agency:
Fort Lauderdale Office
Listed By:
Felipe Echarte · License #License(s): FL: SL696115
(954) 245-3444
Source:
Marcusmillichap
Added: Jul 10
Changed: Sep 2
Last Checked: Sep 2 at 1:15PM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
102 SW 16th Avenue is a three-story, elevator-served mixed-use building on a corner lot. The property includes six retail bays totaling approximately 4,536 SF and two floors of residential units containing 18 apartments. Residential space consists of six studio apartments of about 350 SF each and 12 one-bedroom/one-bath apartments of about 600 SF each.
The building is located at the corner of SW 1st Street and 16th Avenue. SW 1st Street serves as the eastbound portion of Flagler Street and is described as a heavy commercial corridor with retail, office, and mixed-use development.
Tenants are responsible for electric, while the owner pays for water, sewer, and trash removal. The building has T5-O zoning and is situated on an approximately .22-acre lot.
The building is located at the corner of SW 1st Street and 16th Avenue. SW 1st Street serves as the eastbound portion of Flagler Street and is described as a heavy commercial corridor with retail, office, and mixed-use development.
Tenants are responsible for electric, while the owner pays for water, sewer, and trash removal. The building has T5-O zoning and is situated on an approximately .22-acre lot.
Key Highlights
- Three‑story corner mixed‑use building built in 1946 at SW 1st Street and 16th Avenue (T5‑O zoning).
- Elevator‑served property with six retail bays totaling approximately 4,536 SF.
- Two floors of residential with 18 apartments: six studios (~350 SF) and 12 one‑bedroom/one‑bath units (~600 SF).
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
$255,598
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
6.39%
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%
$5,111,960
$5.1M
Cap Rate 7%
$3,651,400
$3.7M
Cap Rate 9%
$2,839,978
$2.8M
Market Conditions
NOI Build-Up for 13,836 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
$498.1K $36.00/SF
− Vacancy
−$33.4K −$2.41/SF
EGI
$464.7K $33.59/SF
− OpEx
−$209.1K −$15.11/SF
NOI
$255.6K $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%
$5,111,960
Cap Rate 7%
$3,651,400
Cap Rate 9%
$2,839,978
Alternative Uses
Best Use
Retail
$6.45M
$5.64M – $7.52M
NOI $451,409 @ 7.0% cap · market cap 11.29%
Second Best
Apartment 5plus
$3.65M
$3.19M – $4.26M
NOI $255,598 @ 7.0% cap · market cap 6.39%
Theoretical Best
Specialty Retail
$9.34M
$8.17M – $10.90M
NOI $653,757 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,334
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Three-story corner building offers six retail bays and 18 elevator-served apartments with owner-paid utilities for water, sewer, and trash.
Where is this apartment building located?
The property is located at 102 SW 16th Ave Miami, FL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Three‑story corner mixed‑use building built in 1946 at SW 1st Street and 16th Avenue (T5‑O zoning).; Elevator‑served property with six retail bays totaling approximately 4,536 SF.; Two floors of residential with 18 apartments: six studios (~350 SF) and 12 one‑bedroom/one‑bath units (~600 SF).
