Apartment Building with Off-Street
For Sale
$3,450,000
1760 SW 13th St, Miami, FL 33145
Corona Apartments offers 15 studio and 3 one-bedroom units, with 14 designated off-street parking spaces.
Property Size9,600 SF
Days on Market160
Property Features for 1760 SW 13th St
General Information
Standard status
Active
Size
9,600 SF
Total Parking Spaces
14
Property subtype
Multifamily
Occupancy
97%
Additional Details
Cap Rate
5.54%
Multifamily Units
18
Amenities
Located in the desirable Shenandoah neighborhood
Just blocks away from Calle Ocho
Less than 1 mile from various parks and libraries
Less than 3 miles from Brickell City Center and Medical District
Easily accessible with excellent public transit routes
Diverse unit mix catering to versatile tenant base
14 rare off-street parking spaces
Large 0.27-acre lot
Building Details
Building Size
9,600 SF
Year Built
1925
Units
18
Construction
concrete block
Tenancy
Multi
Listing Agency:
Fort Lauderdale Office
(954) 245-3400
Listed By:
Felipe J. Echarte · License #FL: SL696115
(954) 245-3444
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Jul 23 at 8:00AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
Corona Apartments is an 18-unit apartment building featuring 15 studio units and three one-bedroom units. The building was constructed in 1925 with concrete block construction and wood built-up roofs. The property has been meticulously maintained and provides 14 designated, off-street parking spaces.
The apartments are located in the Shenandoah neighborhood of Miami, with nearby amenities including Bryan Park, Shenandoah Park, the Shenandoah Branch Library, and the Calle Ocho corridor.
With a well-proportioned footprint for the current unit mix, Corona Apartments is positioned as a long-term income property supported by in-place rents.
The apartments are located in the Shenandoah neighborhood of Miami, with nearby amenities including Bryan Park, Shenandoah Park, the Shenandoah Branch Library, and the Calle Ocho corridor.
With a well-proportioned footprint for the current unit mix, Corona Apartments is positioned as a long-term income property supported by in-place rents.
Key Highlights
- 18‑unit apartment building in the Shenandoah neighborhood: 15 studio units and 3 one‑bedroom units
- Unit mix: 15 studios (~495 SF) and 3 one‑bedrooms (~725 SF)
- 14 designated off‑street parking spaces
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
$177,345
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
5.14%
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%
$3,546,900
$3.5M
Cap Rate 7%
$2,533,500
$2.5M
Cap Rate 9%
$1,970,500
$2.0M
Market Conditions
NOI Build-Up for 9,600 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
$345.6K $36.00/SF
− Vacancy
−$23.2K −$2.41/SF
EGI
$322.4K $33.59/SF
− OpEx
−$145.1K −$15.11/SF
NOI
$177.3K $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%
$3,546,900
Cap Rate 7%
$2,533,500
Cap Rate 9%
$1,970,500
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.22M – $2.96M
NOI $177,345 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.48M
$5.67M – $7.56M
NOI $453,604 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,986
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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 - Corona Apartments offers 15 studio and 3 one-bedroom units, with 14 designated off-street parking spaces.
Where is this apartment building located?
The property is located at 1760 SW 13th St Miami, FL.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: 18‑unit apartment building in the Shenandoah neighborhood: 15 studio units and 3 one‑bedroom units; Unit mix: 15 studios (~495 SF) and 3 one‑bedrooms (~725 SF); 14 designated off‑street parking spaces
