18-Unit Apartment
For Sale
$3,650,000
1261 NW 59th St, Miami, FL 33142
Built in 1957, the 18-unit building offers wall-unit air conditioning and separate electric meters for all units.
Property Size10,485 SF
Lot Size0.24 Acres
Price / SF$348.12
Days on Market98
Property Features for 1261 NW 59th St
General Information
Standard status
Active
Size
10,485 SF
Lot size
0.24 Acres
Property subtype
Multifamily
Occupancy
96%
Additional Details
Cap Rate
6.97%
Multifamily Units
18
Amenities
wall-unit air conditioning
separate electric meters
Renovated With Granite Countertops and Stainless Steel Appliances
Flat Roof
Fully Gated, Providing Added Security and Tenant Appeal
Building Details
Building Size
10,485 SF
Year Built
1957
Units
18
Listing Agency:
Fort Lauderdale Office
Listed By:
Cory Sanchez · License #License(s): FL: SL3605832
(954) 245-3445
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 8
Last Checked: Sep 5 at 3:41AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
City Apartments is an 18-unit multifamily property built in 1957, totaling 10,485 square feet on a 0.24-acre lot. The unit mix includes twelve one-bedroom, one-bath units averaging 500 square feet and six two-bedroom, one-bath units averaging 590 square feet. The property features wall-unit air conditioning, and each unit has a separate electric meter, which can simplify operations.
The building is located in Miami’s Liberty City neighborhood and is positioned near the Liberty Square redevelopment, described as a $300+ million public-private partnership adding over 1,400 new mixed-income housing units along with retail and community spaces. It is also noted to be minutes from the Miami Innovation District, Wynwood, Allapattah, and the Miami Health District.
With its existing unit configuration and modernized building systems as noted in the offering remarks, City Apartments presents an income-oriented apartment asset in an actively redeveloping corridor.
The building is located in Miami’s Liberty City neighborhood and is positioned near the Liberty Square redevelopment, described as a $300+ million public-private partnership adding over 1,400 new mixed-income housing units along with retail and community spaces. It is also noted to be minutes from the Miami Innovation District, Wynwood, Allapattah, and the Miami Health District.
With its existing unit configuration and modernized building systems as noted in the offering remarks, City Apartments presents an income-oriented apartment asset in an actively redeveloping corridor.
Key Highlights
- 18‑unit multifamily building at 1261 NW 59th Street, Miami, FL 33142, built in 1957
- 10,485 SF on a 0.24‑acre lot with a unit mix of twelve 1 bed/1 bath and six 2 bed/1 bath units
- Twelve 1BD/1BA units average 500 SF; six 2BD/1BA units average 590 SF
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
$193,694
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
5.31%
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%
$3,873,880
$3.9M
Cap Rate 7%
$2,767,057
$2.8M
Cap Rate 9%
$2,152,156
$2.2M
Market Conditions
NOI Build-Up for 10,485 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
$377.5K $36.00/SF
− Vacancy
−$25.3K −$2.41/SF
EGI
$352.2K $33.59/SF
− OpEx
−$158.5K −$15.11/SF
NOI
$193.7K $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%
$3,873,880
Cap Rate 7%
$2,767,057
Cap Rate 9%
$2,152,156
Alternative Uses
Best Use
Apartment 5plus
$2.77M
$2.42M – $3.23M
NOI $193,694 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.08M
$6.19M – $8.26M
NOI $495,421 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
1,428
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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 - Built in 1957, the 18-unit building offers wall-unit air conditioning and separate electric meters for all units.
Where is this apartment building located?
The property is located at 1261 NW 59th St Miami, FL.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: 18‑unit multifamily building at 1261 NW 59th Street, Miami, FL 33142, built in 1957; 10,485 SF on a 0.24‑acre lot with a unit mix of twelve 1 bed/1 bath and six 2 bed/1 bath units; Twelve 1BD/1BA units average 500 SF; six 2BD/1BA units average 590 SF
