Renovated 10-Unit Apartment
New
For Sale
$2,095,000
1027 SW 3rd St, Miami, FL 33130
Ten updated one-bedroom apartments feature private baths, efficient cooling systems, modern appliances, and impact-rated windows.
Property Size5,058 SF
Price / SF$414.20
Days on Market7
Property Features for 1027 SW 3rd St
General Information
Standard status
Active
Size
5,058 SF
Property subtype
Income/MultiFamily
Financials
Asking Price
$2,095,000
Cap Rate
5.91%
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Building Details
Building Size
5,058 SF
Year Built
1960
Buildings
1
Listing Agency:
Metropolitan Property Group Florida
Listed By:
Francisco Brito · License #3649842
Source:
Allyandaj
Added: Sep 14
Changed: Sep 18
Last Checked: Sep 20 at 9:34AM
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 Metropolitan Property Group Florida
Investment Insights
Based on property information with market context.
This renovated 10-unit apartment building contains ten one-bedroom, one-bath residences. Each unit includes vinyl flooring, a mini-split A/C system, stainless-steel appliances, and hurricane-impact windows. The property was built in 1960 and offers a consistent residential configuration across the building.
The building is located at 1027 SW 3rd Street in Miami’s Little Havana, with access to Brickell, Downtown Miami, the Miami River, and Calle Ocho. The property is presented as a multifamily asset with a 5.91% current cap rate and a 6.71% pro forma cap rate.
The building is located at 1027 SW 3rd Street in Miami’s Little Havana, with access to Brickell, Downtown Miami, the Miami River, and Calle Ocho. The property is presented as a multifamily asset with a 5.91% current cap rate and a 6.71% pro forma cap rate.
Key Highlights
- 10‑unit apartment building with ten 1‑bedroom/1‑bath units
- Renovated interiors with vinyl flooring and stainless‑steel appliances
- Mini‑split A/C systems in each unit
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
$93,438
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
4.46%
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%
$1,868,760
$1.9M
Cap Rate 7%
$1,334,829
$1.3M
Cap Rate 9%
$1,038,200
$1.0M
Market Conditions
NOI Build-Up for 5,058 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
$182.1K $36.00/SF
− Vacancy
−$12.2K −$2.41/SF
EGI
$169.9K $33.59/SF
− OpEx
−$76.4K −$15.11/SF
NOI
$93.4K $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%
$1,868,760
Cap Rate 7%
$1,334,829
Cap Rate 9%
$1,038,200
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.56M
NOI $93,438 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.41M
$2.99M – $3.98M
NOI $238,993 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
3,773
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Ten updated one-bedroom apartments feature private baths, efficient cooling systems, modern appliances, and impact-rated windows.
Where is this apartment building located?
The property is located at 1027 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $2,095,000.
What are key features of this property?
This property features: 10‑unit apartment building with ten 1‑bedroom/1‑bath units; Renovated interiors with vinyl flooring and stainless‑steel appliances; Mini‑split A/C systems in each unit
