8-Unit Multifamily
For Sale
$3,895,000
1228-1250 SW 2nd St, Miami, FL 33135
Three adjoining buildings comprise an eight-unit residential property on a combined site.
Property Size6,000 SF
Price / SF$649.17
Days on Market8
Property Features for 1228-1250 SW 2nd St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$12,942
Building Details
Building Size
6,000 SF
Year Built
1937
Buildings
3
Listing Agency:
Douglas Elliman
Listed By:
Joseph Azar · License #3375463
(305) 695-6300
Source:
Batrare
Added: Oct 13
Changed: Oct 15
Last Checked: Oct 19 at 2:12PM
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 Douglas Elliman
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The multifamily property consists of three contiguous buildings containing 8 units. The buildings were constructed in 1937.
Together, the parcels encompass more than 23,000 square feet, with each lot measuring more than 7,000 square feet. The property also has over 210 feet of frontage on SW 2nd St in Miami.
Together, the parcels encompass more than 23,000 square feet, with each lot measuring more than 7,000 square feet. The property also has over 210 feet of frontage on SW 2nd St in Miami.
Key Highlights
- 8 units across 3 contiguous buildings
- Combined lot area exceeds 23,000 square feet
- Each of the three lots is over 7,000 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$110,840
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,216,800
$2.2M
Cap Rate 7%
$1,583,429
$1.6M
Cap Rate 9%
$1,231,556
$1.2M
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$216.0K $36.00/SF
− Vacancy
−$14.5K −$2.41/SF
EGI
$201.5K $33.59/SF
− OpEx
−$90.7K −$15.11/SF
NOI
$110.8K $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 Rate 5%
$2,216,800
Cap Rate 7%
$1,583,429
Cap Rate 9%
$1,231,556
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.39M – $1.85M
NOI $110,840 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.05M
$3.54M – $4.73M
NOI $283,503 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
3,838
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
Frequently Asked Questions
What type of property is this?
Multifamily property - Three adjoining buildings comprise an eight-unit residential property on a combined site.
Where is this multifamily property located?
The property is located at 1228-1250 SW 2nd St Miami, FL.
What is the asking price?
The asking price for this property is $3,895,000.
What are key features of this property?
This property features: 8 units across 3 contiguous buildings; Combined lot area exceeds 23,000 square feet; Each of the three lots is over 7,000 square feet
