Renovated Spanish-Style Apartment
For Sale
$3,700,000
440 SW 5th Ave, Miami, FL 33130
Spanish-style multifamily building renovated in 2010, roof redone in 2006, with AC units and appliances replaced over time.
Property Size12,825 SF
Days on Market1114
Property Features for 440 SW 5th Ave
General Information
Standard status
Active
Size
12,825 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$45,766
Building Details
Building Size
12,825 SF
Year Built
1925
Year Renovated
2010
Listing Agency:
Florida Home Sales and Invest.
Listed By:
Ethelbert Bascom · License #0648821
(305) 815-5933
Source:
Vanessafrankmiami
Added: Aug 23, 2023
Changed: Aug 31
Last Checked: Sep 8 at 12:13PM
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 Florida Home Sales and Invest.
Investment Insights
Based on property information with market context.
This Spanish-style multifamily building was totally renovated in 2010. The roof was redone in 2006, and several of the AC units and appliances have been replaced since then. The exterior was painted on March 30, 2025. A 50-year-plus re-certification was completed in July 2025, and supporting attachments are available.
Located minutes from downtown Miami, the property is also described as within walking distance of Brickell. BikeScore, WalkScore, and TransitScore ratings in the remarks indicate strong pedestrian and transit accessibility.
For showings, please do not disturb tenants. The building will be shown after a signed letter of intent or contract.
Located minutes from downtown Miami, the property is also described as within walking distance of Brickell. BikeScore, WalkScore, and TransitScore ratings in the remarks indicate strong pedestrian and transit accessibility.
For showings, please do not disturb tenants. The building will be shown after a signed letter of intent or contract.
Key Highlights
- Spanish‑style multifamily building built in 1925.
- Total renovation completed in 2010.
- Roof redone in 2006.
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
$236,921
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
6.40%
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%
$4,738,420
$4.7M
Cap Rate 7%
$3,384,586
$3.4M
Cap Rate 9%
$2,632,456
$2.6M
Market Conditions
NOI Build-Up for 12,825 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
$461.7K $36.00/SF
− Vacancy
−$30.9K −$2.41/SF
EGI
$430.8K $33.59/SF
− OpEx
−$193.8K −$15.11/SF
NOI
$236.9K $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%
$4,738,420
Cap Rate 7%
$3,384,586
Cap Rate 9%
$2,632,456
Alternative Uses
Best Use
Apartment 5plus
$3.38M
$2.96M – $3.95M
NOI $236,921 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.66M
$7.57M – $10.10M
NOI $605,987 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 33130, FL
35,609
Population
20,377
Households
1.7
Avg Household Size
36
Median Age
42%
College-Educated
81%
High-School Grad
1.1 sq mi
ZIP Area
32,372
Density / Sq Mi
$57,933
Median Household Income
$36,888
Median Earnings
$1,656
Median Rent
$479,800
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?
Multifamily property - Spanish-style multifamily building renovated in 2010, roof redone in 2006, with AC units and appliances replaced over time.
Where is this multifamily property located?
The property is located at 440 SW 5th Ave Miami, FL.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Spanish‑style multifamily building built in 1925.; Total renovation completed in 2010.; Roof redone in 2006.
