Six-Unit Multifamily Income
1137 Northwest 2nd Street Miami, FL 33128
1137 Northwest 2nd Street, Miami, FL, 33128
$1,800,000
For Sale
$1,800,000
Built in 1985, the property offers six apartment units with central A/C and updated roof and plumbing systems.
Property Size4,574 SF
Price / SF$393.53
Days on Market1008
Property Features for 1137 Northwest 2nd Street
General Information
- Standard status
- Active
- Size
- 4,574 SF
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1985
Listing agency
Fausto Commercial Realty Consultants Inc
(786) 748-7373
Listed by
Mauricio Villasuso · License #3254982
(786) 748-7373
Source
Compass
Added: Oct 19, 2023 Updated: Jul 21 at 3:10PM Checked: Jul 21 at 3:10PM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This is a 6-unit multifamily income-producing property built in 1985. The unit mix consists of four 2-bedroom, 1-bath apartments and two 1-bedroom, 1-bath apartments. All units are rented on a month-to-month basis.
The building features central A/C throughout and PVC plumbing. The roof was restored in early 2023, and the property presents an opportunity to sub-meter for later billing of water to tenants. Ample on-site parking is available for residents and visitors.
With a consistent apartment configuration and month-to-month leases, the property is positioned for investors seeking a straightforward multifamily setup with practical improvements already completed.
The building features central A/C throughout and PVC plumbing. The roof was restored in early 2023, and the property presents an opportunity to sub-meter for later billing of water to tenants. Ample on-site parking is available for residents and visitors.
With a consistent apartment configuration and month-to-month leases, the property is positioned for investors seeking a straightforward multifamily setup with practical improvements already completed.
Key Highlights
- Built in 1985, 6‑unit multifamily income property in Little Havana
- Unit mix: four 2 bed/1 bath units and two 1 bed/1 bath units
- All rents are month‑to‑month
Local 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 | $164.7k | $36.00 |
| − Vacancy | −$11.0k | −$2.41 |
| EGI | $153.6k | $33.59 |
| − OpEx | −$69.1k | −$15.11 |
| NOI | $84.5k | $18.47 |
4,574 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,497 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.09M
$2.70M – $3.60M
NOI $216,124 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Built in 1985, the property offers six apartment units with central A/C and updated roof and plumbing systems.
Where is this apartment building located?
The property is located at 1137 Northwest 2nd Street Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Built in 1985, 6‑unit multifamily income property in Little Havana; Unit mix: four 2 bed/1 bath units and two 1 bed/1 bath units; All rents are month‑to‑month
