14-Unit Apartment
For Sale
$4,200,000
1701 SW 3rd St, Miami, FL 33135
Fourteen-unit multifamily property with thirteen 2-bedroom units and one 1-bedroom apartment.
Property Size10,764 SF
Price / SF$390.19
Days on Market18
Property Features for 1701 SW 3rd St
General Information
Standard status
Active
Size
10,764 SF
Additional Details
Multifamily Units
14
Building Details
Year Built
1968
Listing Agency:
BHHS EWM Realty
(786) 443-9649
Listed By:
Kenneth Raymond · License #0613345
Source:
Mymiahomes
Added: Jul 21
Changed: Jul 22
Last Checked: Aug 7 at 6:25AM
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 BHHS EWM Realty
Investment Insights
Based on property information with market context.
This 14-unit apartment building consists of thirteen 2-bedroom, 1-bath apartments and one 1-bedroom unit. The property presents a straightforward residential income layout within a small multifamily configuration.
The building is located in an area described as having mixed-use potential, with proximity to the Miami River, Downtown, Brickell, Calle 8, the Medical Health District, Miami International Airport, Coral Gables, and Coconut Grove.
A 29,250 sq. ft. lot is available to the north of the property. Please do not disturb tenants.
The building is located in an area described as having mixed-use potential, with proximity to the Miami River, Downtown, Brickell, Calle 8, the Medical Health District, Miami International Airport, Coral Gables, and Coconut Grove.
A 29,250 sq. ft. lot is available to the north of the property. Please do not disturb tenants.
Key Highlights
- 14‑unit multifamily building built in 1968
- Unit mix includes 13 two‑bedroom apartments and 1 one‑bedroom apartment
- Located in a mixed‑use potential zone allowing residential, multifamily, and commercial uses
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
$198,848
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
4.73%
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%
$3,976,960
$4.0M
Cap Rate 7%
$2,840,686
$2.8M
Cap Rate 9%
$2,209,422
$2.2M
Market Conditions
NOI Build-Up for 10,764 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
$387.5K $36.00/SF
− Vacancy
−$26.0K −$2.41/SF
EGI
$361.5K $33.59/SF
− OpEx
−$162.7K −$15.11/SF
NOI
$198.8K $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%
$3,976,960
Cap Rate 7%
$2,840,686
Cap Rate 9%
$2,209,422
Alternative Uses
Best Use
Apartment 5plus
$2.84M
$2.49M – $3.31M
NOI $198,848 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.27M
$6.36M – $8.48M
NOI $508,604 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
3,795
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Fourteen-unit multifamily property with thirteen 2-bedroom units and one 1-bedroom apartment.
Where is this apartment building located?
The property is located at 1701 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 14‑unit multifamily building built in 1968; Unit mix includes 13 two‑bedroom apartments and 1 one‑bedroom apartment; Located in a mixed‑use potential zone allowing residential, multifamily, and commercial uses
