Five-Property Multifamily
820 Southwest 31st Avenue Miami, FL 33135
For Sale
$2,995,000
Assemblage of five contiguous rental properties with 15 year-lease units across from a Home Depot parking lot.
Property Size8,900 SF
Lot Size0.77 Acres
Price / SF$336.52
Days on Market2375
Property Features for 820 Southwest 31st Avenue
General Information
- Standard status
- Active
- Size
- 8,900 SF
- Lot size
- 0.77 Acres
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1946
Listing Agency:
Octavio Robles, RE Broker
(305) 822-9032
Listed By:
Octavio Robles · License #0303413
(305) 822-9032
Source:
Compass
Added: Jan 21, 2020
Changed: Jul 21
Last Checked: Jul 23 at 6:48AM
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 Octavio Robles, RE Broker
Investment Insights
Based on property information with market context.
This assemblage includes five contiguous properties in southwest Miami, presently improved by rental buildings generating income of $17,850 per month. The combined offering totals 15 rental units, which are rented unfurnished on a yearly lease basis. The vacancy rate is described as virtually zero.
The properties are located just off the corner of SW 8th St. and 31st Ave., directly across from the Home Depot parking lot. The land area is approximately 33,640 square feet.
Zoning is identified as multi-family T 4 R, with the Master Plan designating it as Medium Density Restricted Commercial. The Master Plan indicates T 5 L or O zoning allowing up to 62 units per acre or 48 dwelling units combined with commercial space, without workforce housing bonuses under the Miami21 code, according to the provided information. The assemblage borders T-6-8 zoning.
The properties are located just off the corner of SW 8th St. and 31st Ave., directly across from the Home Depot parking lot. The land area is approximately 33,640 square feet.
Zoning is identified as multi-family T 4 R, with the Master Plan designating it as Medium Density Restricted Commercial. The Master Plan indicates T 5 L or O zoning allowing up to 62 units per acre or 48 dwelling units combined with commercial space, without workforce housing bonuses under the Miami21 code, according to the provided information. The assemblage borders T-6-8 zoning.
Key Highlights
- Assemblage of five contiguous rental properties in SW Miami on approx. 33,640 SF of land
- 15 rental units rented unfurnished on yearly lease basis, with income of $17,850 per month
- Virtually zero vacancy rate reported for the current occupancy
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $320.4k | $36.00 |
| − Vacancy | −$21.5k | −$2.41 |
| EGI | $298.9k | $33.59 |
| − OpEx | −$134.5k | −$15.11 |
| NOI | $164.4k | $18.47 |
8,900 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.35M
$2.06M – $2.74M
NOI $164,413 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.01M
$5.26M – $7.01M
NOI $420,529 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Assemblage of five contiguous rental properties with 15 year-lease units across from a Home Depot parking lot.
Where is this apartment building located?
The property is located at 820 Southwest 31st Avenue Miami, FL.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Assemblage of five contiguous rental properties in SW Miami on approx. 33,640 SF of land; 15 rental units rented unfurnished on yearly lease basis, with income of $17,850 per month; Virtually zero vacancy rate reported for the current occupancy
