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 Market143
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: Oct 15
Last Checked: Oct 20 at 5:04PM
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
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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 / Yr
$193,694
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
1,428
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
