Six-Unit Apartment
For Sale
$699,999
Pending
701 E 21st St, Hialeah, FL 33013
Six-unit multifamily property with central A/C and in-unit washer/dryer, plus fenced lot with remote-controlled gates.
Property Size3,509 SF
Days on Market3308
Property Features for 701 E 21st St
General Information
Standard status
Pending
Size
3,509 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$8,959
Amenities
3
20 Parking Spaces.
110
Building Details
Year Built
2000
Listing Agency:
Berkshire Hathaway HomeServices Florida Realty
(786) 581-1400
Listed By:
Miguel Solis · License #0624178
(305) 343-9554
Source:
Xome
Added: Aug 20, 2017
Changed: Sep 3
Last Checked: Aug 31 at 5:15PM
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 Berkshire Hathaway HomeServices Florida Realty
Investment Insights
Based on property information with market context.
This six-unit apartment building features five one-bedroom units and one two-bedroom, one-bath unit. Each unit is equipped with in-unit washer and dryer and central A/C. The property sits on an approximately 18,000 square foot lot that is completely fenced, with remote-controlled gates for access. Parking is provided with three spaces for the one-bedroom units and four spaces for the two-bedroom unit.
Tenants are responsible for their own utilities, including water, electrical, internet, and cable. The building’s estimated year built is 1992. Per the seller, showings are only permitted after an offer has been accepted.
The current rent levels are described as below market in the remarks, with implied target rent ranges for the one-bedroom and two-bedroom units if buyers complete rental comparisons.
Tenants are responsible for their own utilities, including water, electrical, internet, and cable. The building’s estimated year built is 1992. Per the seller, showings are only permitted after an offer has been accepted.
The current rent levels are described as below market in the remarks, with implied target rent ranges for the one-bedroom and two-bedroom units if buyers complete rental comparisons.
Key Highlights
- 6‑unit multifamily built in 1992: 5 one‑bedroom and 1 two‑bedroom, one‑bath unit
- Central A/C and in‑unit washer & dryer in all units
- Almost 18,000 SF lot that is completely fenced with remote‑controlled gates
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
$46,989
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
6.71%
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%
$939,780
$939.8K
Cap Rate 7%
$671,271
$671.3K
Cap Rate 9%
$522,100
$522.1K
Market Conditions
NOI Build-Up for 3,509 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
$91.4K $26.04/SF
− Vacancy
−$5.9K −$1.69/SF
EGI
$85.4K $24.35/SF
− OpEx
−$38.4K −$10.96/SF
NOI
$47.0K $13.39/SF
Area
Hialeah, FL
Vacancy
6.50%
Lease Rate
$26.04 /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%
$939,780
Cap Rate 7%
$671,271
Cap Rate 9%
$522,100
Alternative Uses
Best Use
Apartment 5plus
$671.3K
$587.4K – $783.2K
NOI $46,989 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,680 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,658
Businesses Nearby
Explore this area
Business Placement
Demographics for 33013, FL
31,068
Population
9,544
Households
3.3
Avg Household Size
48
Median Age
18%
College-Educated
72%
High-School Grad
3.8 sq mi
ZIP Area
8,176
Density / Sq Mi
$57,242
Median Household Income
$32,566
Median Earnings
$1,488
Median Rent
$407,400
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 - Six-unit multifamily property with central A/C and in-unit washer/dryer, plus fenced lot with remote-controlled gates.
Where is this apartment building located?
The property is located at 701 E 21st St Hialeah, FL.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: 6‑unit multifamily built in 1992: 5 one‑bedroom and 1 two‑bedroom, one‑bath unit; Central A/C and in‑unit washer & dryer in all units; Almost 18,000 SF lot that is completely fenced with remote‑controlled gates
