Opa Locka Multifamily
For Sale
$5,000,000
13380 Port Said Rd, Opa Locka, FL 33054
Fully occupied building with value-add upside in Opa Locka.
Property Size17,905 SF
Days on Market131
Property Features for 13380 Port Said Rd
General Information
Standard status
Active
Size
17,905 SF
Property subtype
Commercial
Building Details
Building Size
17,905 SF
Year Built
1972
Listing Agency:
Trustpoint Realty, LLC.
(754) 736-0335
Listed By:
Andres Villarreal · License #3606293
(754) 736-0335
Source:
Elliman
Added: Apr 15
Changed: Aug 11
Last Checked: Aug 22 at 10:18AM
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 Trustpoint Realty, LLC.
Investment Insights
Based on property information with market context.
This multifamily property is located in Opa Locka, Miami-Dade County. The fully occupied, two-story building features two-bedroom, one-bath units. Current rents are below market value, offering a value-add opportunity. The property has in-place income with rent growth potential as leases turn over. It is zoned multi-family and situated on an oversized lot with visibility and access. The building includes on-site parking and central HVAC. The property is located near I-95, the Florida Turnpike, and Opa Locka Executive Airport, providing access to employment centers across Miami-Dade. The surrounding area has a high-demand rental population with strong occupancy. It is suitable for investors seeking cash flow with upside through market rent achievement. Pro forma projections show NOI growth over a 10-year hold.
Key Highlights
- Fully occupied building with below‑market rents offering immediate value‑add upside.
- Strong in‑place income with significant rent growth potential.
- Oversized lot with excellent visibility and access** in a high‑demand rental area.
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
$330,766
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
6.62%
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%
$6,615,320
$6.6M
Cap Rate 7%
$4,725,229
$4.7M
Cap Rate 9%
$3,675,178
$3.7M
Market Conditions
NOI Build-Up for 17,905 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
$644.6K $36.00/SF
− Vacancy
−$43.2K −$2.41/SF
EGI
$601.4K $33.59/SF
− OpEx
−$270.6K −$15.11/SF
NOI
$330.8K $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 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%
$6,615,320
Cap Rate 7%
$4,725,229
Cap Rate 9%
$3,675,178
Alternative Uses
Best Use
Apartment 5plus
$4.73M
$4.13M – $5.51M
NOI $330,766 @ 7.0% cap · market cap 6.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.09M
$10.58M – $14.10M
NOI $846,019 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,040
Businesses Nearby
Explore this area
Business Placement
Demographics for 33054, FL
30,352
Population
10,263
Households
3
Avg Household Size
37
Median Age
10%
College-Educated
75%
High-School Grad
8.4 sq mi
ZIP Area
3,613
Density / Sq Mi
$42,779
Median Household Income
$31,147
Median Earnings
$1,346
Median Rent
$291,700
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 - Fully occupied building with value-add upside in Opa Locka.
Where is this apartment building located?
The property is located at 13380 Port Said Rd Opa Locka, FL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Fully occupied building with below‑market rents offering immediate value‑add upside.; Strong in‑place income with significant rent growth potential.; Oversized lot with excellent visibility and access** in a high‑demand rental area.
