13-Unit Apartment
For Sale
$3,895,000
1248-1258 SW 3rd St, Miami, FL 33135
Two buildings flank a central carport area, with existing residential units generating rental income.
Property Size6,000 SF
Days on Market9
Property Features for 1248-1258 SW 3rd St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Quadruplex
Additional Details
Gross Income
$264,000
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$12,942
Building Details
Building Size
6,000 SF
Year Built
1937
Buildings
2
Listing Agency:
Douglas Elliman
Listed By:
Joseph Azar · License #3375463
(305) 695-6300
Source:
Miamibrokersgroup
Added: Oct 13
Changed: Oct 21
Last Checked: Oct 21 at 4:07AM
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.
This apartment property comprises two buildings with 13 units and a shared carport area between them. Built in 1937, the buildings offer an existing residential configuration on a lot exceeding 15,000 square feet.
The property is located at 1248-1258 SW 3rd St in Miami, Florida. Its current apartment layout provides rental income while the site also has potential for redevelopment, as stated in the property information.
The property is located at 1248-1258 SW 3rd St in Miami, Florida. Its current apartment layout provides rental income while the site also has potential for redevelopment, as stated in the property information.
Key Highlights
- 13 residential units across two buildings
- Lot size exceeds 15,000 square feet
- Central carport area between the buildings
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
13
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?
Apartment building - Two buildings flank a central carport area, with existing residential units generating rental income.
Where is this apartment building located?
The property is located at 1248-1258 SW 3rd 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: 13 residential units across two buildings; Lot size exceeds 15,000 square feet; Central carport area between the buildings
