8-Unit Multifamily
For Sale
$1,400,000
537 Northeast 66th Street, Miami, FL 33138
Well-maintained 8-unit multifamily with 4 one-bedroom units and 4 large studio units, separately metered for utilities.
Property Size5,240 SF
Price / SF$267.18
Days on Market2358
Property Features for 537 Northeast 66th Street
General Information
Standard status
Active
Size
5,240 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$9,716
Building Details
Year Built
1925
Listing Agency:
Global Investments Realty
(305) 635-3005
Listed By:
Joel Rodriguez · License #0545697
(305) 635-3005
Source:
Compass
Added: Mar 16, 2020
Changed: Aug 26
Last Checked: Aug 28 at 7:01PM
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 Global Investments Realty
Investment Insights
Based on property information with market context.
This 8-unit multifamily property includes four 1-bedroom, 1-bath units and four large studio units. The building has separate utility metering for each unit, providing independent utility billing.
The property is located on Miami’s Upper Eastside in the Morningside submarket. It is less than one block from Legion Park and Morningside K8 Academy, and is within walking distance to restaurants, bars, and shops in the MiMo District.
As presently occupied, the in-place rents are described as being well below market rental rates.
The property is located on Miami’s Upper Eastside in the Morningside submarket. It is less than one block from Legion Park and Morningside K8 Academy, and is within walking distance to restaurants, bars, and shops in the MiMo District.
As presently occupied, the in-place rents are described as being well below market rental rates.
Key Highlights
- 8‑unit multifamily in Miami, FL with 4 one‑bedroom/1‑bath units and 4 large studio units
- Well‑maintained building with separately metered units for utilities
- Located on the Upper Eastside (Morningside) submarket near Legion Park
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
$96,801
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
6.91%
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%
$1,936,020
$1.9M
Cap Rate 7%
$1,382,871
$1.4M
Cap Rate 9%
$1,075,567
$1.1M
Market Conditions
NOI Build-Up for 5,240 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
$188.6K $36.00/SF
− Vacancy
−$12.6K −$2.41/SF
EGI
$176.0K $33.59/SF
− OpEx
−$79.2K −$15.11/SF
NOI
$96.8K $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%
$1,936,020
Cap Rate 7%
$1,382,871
Cap Rate 9%
$1,075,567
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,801 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.54M
$3.09M – $4.13M
NOI $247,592 @ 7.0% cap · market cap 17.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,072
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
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 - Well-maintained 8-unit multifamily with 4 one-bedroom units and 4 large studio units, separately metered for utilities.
Where is this apartment building located?
The property is located at 537 Northeast 66th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 8‑unit multifamily in Miami, FL with 4 one‑bedroom/1‑bath units and 4 large studio units; Well‑maintained building with separately metered units for utilities; Located on the Upper Eastside (Morningside) submarket near Legion Park
