East Little Havana Multifamily
For Sale
$2,000,000
932 NW 5th St, Miami, FL 33128
Multifamily property in East Little Havana with six units.
Property Size3,482 SF
Lot Size0.17 Acres
Days on Market163
Property Features for 932 NW 5th St
General Information
Standard status
Active
Size
3,482 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$22,514
Building Details
Building Size
3,482 SF
Year Built
1974
Listing Agency:
Gabriela Rodino Group LLC
(305) 338-5355
Listed By:
Gabriela Rodino · License #3375414
(305) 338-5355
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 2:07PM
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 Gabriela Rodino Group LLC
Investment Insights
Based on property information with market context.
Located in East Little Havana, this multifamily property presents an investment opportunity with access to I-95 and proximity to UM Hospital Center, Brickell, Downtown, and Marlins Stadium. The property comprises six units, including four 2-bedroom, 1-bathroom units and two 1-bedroom, 1-bathroom units. The property has completed its 40-year certification. The gross operating income is $11,872 per month, resulting in an annual income of $99,752.40.
Key Highlights
- Prime location in East Little Havana with easy access to I‑95, UM Hospital Center, Brickell, Downtown, and Marlins Stadium.
- Strong income‑generating property** with a monthly Gross Operating Income (GOI) of $11,872 and an annual income of $99,752.40.
- Six‑unit building consisting of four 2‑bedroom/1‑bathroom units and two 1‑bedroom/1‑bathroom units.
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
$64,324
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
3.22%
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%
$1,286,480
$1.3M
Cap Rate 7%
$918,914
$918.9K
Cap Rate 9%
$714,711
$714.7K
Market Conditions
NOI Build-Up for 3,482 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
$125.4K $36.00/SF
− Vacancy
−$8.4K −$2.41/SF
EGI
$117.0K $33.59/SF
− OpEx
−$52.6K −$15.11/SF
NOI
$64.3K $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%
$1,286,480
Cap Rate 7%
$918,914
Cap Rate 9%
$714,711
Alternative Uses
Best Use
Apartment 5plus
$918.9K
$804.1K – $1.07M
NOI $64,324 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.35M
$2.06M – $2.74M
NOI $164,526 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property in East Little Havana with six units.
Where is this apartment building located?
The property is located at 932 NW 5th St Miami, FL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Prime location in East Little Havana with easy access to I‑95, UM Hospital Center, Brickell, Downtown, and Marlins Stadium.; Strong income‑generating property** with a monthly Gross Operating Income (GOI) of $11,872 and an annual income of $99,752.40.; Six‑unit building consisting of four 2‑bedroom/1‑bathroom units and two 1‑bedroom/1‑bathroom units.
