Miami Multifamily Investment
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10860 SW 3rd St, Miami, FL 33174
Mint condition 10-unit apartment building near FIU main campus.
Property Size7,500 SF
Price / SF$486.67
Days on Market1433
Property Features for 10860 SW 3rd St
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Multifamily
Listing Agency:
MJ Estates, Inc.
(305) 984-8693
Listed By:
Mauricio Jalil · License #3207268
Source:
Crexi
Added: Sep 2, 2022
Changed: Jul 6
Last Checked: Aug 4 at 10:02AM
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 MJ Estates, Inc.
Investment Insights
Based on property information with market context.
This is a 10-unit apartment building located in Sweet Water, just blocks from the Miami Dade FIU main campus. The property consists of five 2-bedroom, 1-bathroom units and five 1-bedroom, 1-bathroom units. The property is in mint condition and features long-term tenants. There is potential for rent increases and low expenses. A 40-year certification and CU are in place. The current gross income is $195,800 at a 4% cap rate, scheduled to increase by December/January 2024 at 5.5% cap. The property size is 7,500 square feet.
Key Highlights
- Mint condition 10‑unit apartment building.
- Located blocks from Miami Dade FIU main campus.
- 5 units are 2/1's and 5 units are 1/1's.
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 | $270.0k | $36.00 |
| − Vacancy | −$18.1k | −$2.41 |
| EGI | $251.9k | $33.59 |
| − OpEx | −$113.4k | −$15.11 |
| NOI | $138.6k | $18.47 |
7,500 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,551 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.06M
$4.43M – $5.91M
NOI $354,378 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 33174, FL
32,962
Population
11,474
Households
2.9
Avg Household Size
42
Median Age
29%
College-Educated
75%
High-School Grad
3.1 sq mi
ZIP Area
10,633
Density / Sq Mi
$59,599
Median Household Income
$30,210
Median Earnings
$1,786
Median Rent
$379,000
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 - Mint condition 10-unit apartment building near FIU main campus.
Where is this apartment building located?
The property is located at 10860 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Mint condition 10‑unit apartment building.; Located blocks from Miami Dade FIU main campus.; 5 units are 2/1's and 5 units are 1/1's.
