Renovated Multifamily Property in Little
For Sale
$1,890,000
131 NE 77th Street, Miami, FL 33138
Renovated 6-unit multifamily property in Little River near Design District.
Property Size6,090 SF
Price / SF$310.34
Days on Market170
Property Features for 131 NE 77th Street
General Information
Standard status
Active
Size
6,090 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$20,430
Building Details
Building Size
6,090 SF
Year Built
1975
Listing Agency:
London Foster Realty
Listed By:
Adner Joseph · License #3492748
(786) 261-8602
Source:
Silverleafrealtygroup
Added: Mar 26
Changed: Sep 11
Last Checked: Sep 10 at 7:48AM
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 London Foster Realty
Investment Insights
Based on property information with market context.
This is a renovated two-story multifamily property situated on a corner lot, comprising six units. Each unit includes two bedrooms and one bathroom. The property is fenced and equipped with a new roof and impact windows. Located in Little River, it offers proximity to the Design District and Wynwood. The location is part of major developments and provides easy access to major highways, Downtown Miami, and Miami Beach. The property size is 6090 square feet. It presents an opportunity for investors to construct a new property or generate monthly income by renting out the existing units.
Key Highlights
- Prime location in Little River near the Design District and Wynwood, included in Major Developments.
- Renovated 2‑story multifamily property with 6 units, each featuring 2 bedrooms and 1 bathroom.
- New roof and Impact Windows.
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
$112,503
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
5.95%
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%
$2,250,060
$2.3M
Cap Rate 7%
$1,607,186
$1.6M
Cap Rate 9%
$1,250,033
$1.3M
Market Conditions
NOI Build-Up for 6,090 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
$219.2K $36.00/SF
− Vacancy
−$14.7K −$2.41/SF
EGI
$204.6K $33.59/SF
− OpEx
−$92.0K −$15.11/SF
NOI
$112.5K $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%
$2,250,060
Cap Rate 7%
$1,607,186
Cap Rate 9%
$1,250,033
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,503 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.11M
$3.60M – $4.80M
NOI $287,755 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,891
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 6-unit multifamily property in Little River near Design District.
Where is this apartment building located?
The property is located at 131 NE 77th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: Prime location in Little River near the Design District and Wynwood, included in Major Developments.; Renovated 2‑story multifamily property with 6 units, each featuring 2 bedrooms and 1 bathroom.; New roof and Impact Windows.
