12-Unit Apartment
New
For Sale
$2,450,000
1044 SW 3rd St, Miami, FL 33130
Three-story residential property with one-bedroom apartments, central HVAC, impact windows, and updated exterior finishes.
Property Size7,572 SF
Lot Size0.17 Acres
Days on Market4
Property Features for 1044 SW 3rd St
General Information
Standard status
Active
Size
7,572 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Zoning
T4-R
Occupancy
95%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Additional Details
Cap Rate
4.33%
Amenities
Very well maintained building with recent upgrades
Off-Street Parking and laundry room
Upside in rental income
Central air-conditioning & heat
Impact windows and newer stucco
Located between Flagler Street and SW 8th Street
Building Details
Building Size
7,572 SF
Stories
3
Units
12
Listing Agency:
Fort Lauderdale Office
(954) 245-3444
Listed By:
Felipe Echarte · License #License(s): FL: SL696115
(954) 245-3444
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 4:40AM
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.
This three-story apartment property contains 12 one-bedroom, one-bath apartments, each approximately 631 SF. Building improvements include central air-conditioning and heat, impact windows, updated stucco, and new paint. Rear off-street parking and a small storage building are also provided, with potential for the storage structure to serve as a laundry room. The property sits on a .17-acre lot and carries T4-R zoning.
Residents pay their own electric service, while ownership covers water, sewer, and trash removal. The building is positioned on SW 3rd Street between SW 8th Avenue and SW 12th Avenue, within a densely populated area between Flagler Street and SW 8th Street. The surrounding district provides access to employment centers including the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
Residents pay their own electric service, while ownership covers water, sewer, and trash removal. The building is positioned on SW 3rd Street between SW 8th Avenue and SW 12th Avenue, within a densely populated area between Flagler Street and SW 8th Street. The surrounding district provides access to employment centers including the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
Key Highlights
- 12‑unit, three‑story apartment building
- All apartments are one‑bedroom, one‑bath layouts of approximately 631 SF
- T4‑R zoning on a .17‑acre lot
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
$139,881
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
5.71%
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%
$2,797,620
$2.8M
Cap Rate 7%
$1,998,300
$2.0M
Cap Rate 9%
$1,554,233
$1.6M
Market Conditions
NOI Build-Up for 7,572 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
$272.6K $36.00/SF
− Vacancy
−$18.3K −$2.41/SF
EGI
$254.3K $33.59/SF
− OpEx
−$114.4K −$15.11/SF
NOI
$139.9K $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%
$2,797,620
Cap Rate 7%
$1,998,300
Cap Rate 9%
$1,554,233
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.33M
NOI $139,881 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.11M
$4.47M – $5.96M
NOI $357,780 @ 7.0% cap · market cap 14.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Paved road access
Yes
Utilities to site
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
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 residential property with one-bedroom apartments, central HVAC, impact windows, and updated exterior finishes.
Where is this apartment building located?
The property is located at 1044 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 12‑unit, three‑story apartment building; All apartments are one‑bedroom, one‑bath layouts of approximately 631 SF; T4‑R zoning on a .17‑acre lot
