Multifamily Building in Little
For Sale
$6,999,999
1254 SW 2nd St, Miami, FL 33135
21-unit multifamily building in Little Havana, delivery January 2026.
Property Size10,769 SF
Lot Size0.17 Acres
Days on Market270
Property Features for 1254 SW 2nd St
General Information
Standard status
Active
Size
10,769 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,515
Building Details
Building Size
10,769 SF
Listing Agency:
Fausto Commercial Realty Consultants Inc
(305) 753-3295
Listed By:
Christopher Carbonell · License #3254982
(305) 753-3295
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 12
Last Checked: Aug 25 at 9:39AM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
A uniquely designed 21-unit multifamily building is under construction and scheduled for completion with a certificate of occupancy by January 2026. Located in Little Havana, the property can be operated as apartments under the City of Miami double density workforce program. The program requires 3 units at 30% AMI, 2 units at 50% AMI, and 16 units at 140% AMI (average median income). The property benefits from a 100% parking exemption, reducing construction costs and potentially keeping rents affordable. The unit mix includes 20 oversized studios (400-460 SF), which can be easily converted to one-bedroom units, and 1 one-bedroom unit (500 SF). Alternatively, motel or lodging operators can obtain licensure to operate a combination of units for short-term rentals.
Key Highlights
- Certificate of Occupancy Expected January 2026: New construction 21‑unit multifamily building in Little Havana.
- Double Density Workforce Program Eligibility: Can be operated as apartments under City of Miami program with AMI restrictions.
- 100% Parking Exemption: Reduced construction costs, potentially leading to affordable rents.
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
$198,940
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
2.84%
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%
$3,978,800
$4.0M
Cap Rate 7%
$2,842,000
$2.8M
Cap Rate 9%
$2,210,444
$2.2M
Market Conditions
NOI Build-Up for 10,769 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
$387.7K $36.00/SF
− Vacancy
−$26.0K −$2.41/SF
EGI
$361.7K $33.59/SF
− OpEx
−$162.8K −$15.11/SF
NOI
$198.9K $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%
$3,978,800
Cap Rate 7%
$2,842,000
Cap Rate 9%
$2,210,444
Alternative Uses
Best Use
Apartment 5plus
$2.84M
$2.49M – $3.32M
NOI $198,940 @ 7.0% cap · market cap 2.84%
Second Best
Hotel Hospitality
$1.16M
$1.01M – $1.35M
NOI $81,026 @ 7.0% cap · market cap 1.16%
Theoretical Best
Specialty Retail
$7.27M
$6.36M – $8.48M
NOI $508,840 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 21-unit multifamily building in Little Havana, delivery January 2026.
Where is this apartment building located?
The property is located at 1254 SW 2nd St Miami, FL.
What is the asking price?
The asking price for this property is $6,999,999.
What are key features of this property?
This property features: Certificate of Occupancy Expected January 2026: New construction 21‑unit multifamily building in Little Havana.; Double Density Workforce Program Eligibility: Can be operated as apartments under City of Miami program with AMI restrictions.; 100% Parking Exemption: Reduced construction costs, potentially leading to affordable rents.
