Renovated 14-Unit Apartment
For Sale
$2,700,000
1265 Sharazad Boulevard Opa-Locka, Opa Locka, FL 33054
Updated multifamily property with individually metered electric service, controlled entry, security cameras, and on-site parking in Opa-Locka.
Property Size6,594 SF
Days on Market471
Property Features for 1265 Sharazad Boulevard Opa-Locka
General Information
Standard status
Active
Size
6,594 SF
Property subtype
Multi Family
Occupancy
93%
Units
Unit Mix
6 x 2BR-1BA, 8 x 1BR-1BA
Multifamily Units
14
Additional Details
Cap Rate
7.17%
Amenities
impact glass
gated courtyard entry
security cameras
on-site parking
Building Details
Building Size
6,594 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
The Alpha Commercial Advisors LLC
(201) 264-0113
Listed By:
Jamie Maniscalco · License #3391005
(201) 264-0113
Source:
Silverleafrealtygroup
Added: May 18, 2025
Changed: Aug 13
Last Checked: Aug 29 at 2:37PM
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 The Alpha Commercial Advisors LLC
Investment Insights
Based on property information with market context.
Built in 1965, this 14-unit apartment property in Opa-Locka features six two-bedroom, one-bath residences and eight one-bedroom, one-bath residences. The asset has undergone substantial renovations, including impact glass, a modernized exterior, gated courtyard access, security cameras, and maintained grounds. Each apartment is individually metered for electricity, and on-site parking serves the property. The building’s 40-year recertification has been completed.
The unit roster includes both market-rate and Section 8 tenancies, with current occupancy reported at 93%. Professional property management is in place, and the reported in-place CAP rate is 7.17%, with a pro-forma CAP rate of 8.3%. Located at 1265 Sharazad Boulevard, the property offers an established multifamily configuration with a documented blend of one- and two-bedroom units.
The unit roster includes both market-rate and Section 8 tenancies, with current occupancy reported at 93%. Professional property management is in place, and the reported in-place CAP rate is 7.17%, with a pro-forma CAP rate of 8.3%. Located at 1265 Sharazad Boulevard, the property offers an established multifamily configuration with a documented blend of one- and two-bedroom units.
Key Highlights
- 14‑unit apartment property with six 2BR‑1BA and eight 1BR‑1BA units
- 40‑year building recertification completed
- 93% current occupancy with market‑rate and Section 8 tenancies
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
$121,814
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
4.51%
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%
$2,436,280
$2.4M
Cap Rate 7%
$1,740,200
$1.7M
Cap Rate 9%
$1,353,489
$1.4M
Market Conditions
NOI Build-Up for 6,594 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
$237.4K $36.00/SF
− Vacancy
−$15.9K −$2.41/SF
EGI
$221.5K $33.59/SF
− OpEx
−$99.7K −$15.11/SF
NOI
$121.8K $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%
$2,436,280
Cap Rate 7%
$1,740,200
Cap Rate 9%
$1,353,489
Alternative Uses
Best Use
Apartment 5plus
$1.74M
$1.52M – $2.03M
NOI $121,814 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.45M
$3.89M – $5.19M
NOI $311,569 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
93%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33054, FL
30,352
Population
10,263
Households
3
Avg Household Size
37
Median Age
10%
College-Educated
75%
High-School Grad
8.4 sq mi
ZIP Area
3,613
Density / Sq Mi
$42,779
Median Household Income
$31,147
Median Earnings
$1,346
Median Rent
$291,700
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 - Updated multifamily property with individually metered electric service, controlled entry, security cameras, and on-site parking in Opa-Locka.
Where is this apartment building located?
The property is located at 1265 Sharazad Boulevard Opa-Locka Opa Locka, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 14‑unit apartment property with six 2BR‑1BA and eight 1BR‑1BA units; 40‑year building recertification completed; 93% current occupancy with market‑rate and Section 8 tenancies
