38-Unit Apartment Building
For Sale
$6,840,000
1219 Sharazad Boulevard, Opa Locka, FL 33054
Five adjacent multifamily buildings in Opa-Locka offer a varied residential unit mix.
Property Size21,016 SF
Price / SF$325.47
Days on Market981
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Property Features for 1219 Sharazad Boulevard
General Information
Standard status
Active
Size
21,016 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Units
Unit Mix
24 x 2BR/1BA, 8 x 1BR/1BA, 6 x studio
Multifamily Units
38
Taxes and HOA fees
Annual Taxes
$13,683
Building Details
Year Built
1956
Buildings
5
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Francisco Campos · License #3368417
(305) 431-2258
Source:
Compass
Added: Feb 7, 2024
Changed: Oct 11
Last Checked: Oct 15 at 1:04AM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This multifamily portfolio includes five adjacent apartment buildings in Opa-Locka, Florida, with a combined 21,016 square feet. Built in 1956, the property contains 38 residential units arranged across several configurations.
The unit mix includes 24 two-bedroom, one-bath apartments, 8 one-bedroom, one-bath apartments, and 6 studio units. The range of layouts provides a compact multifamily offering with multiple residential formats within one connected property grouping.
The buildings are located at 1219 Sharazad Boulevard in Opa-Locka, FL 33054. The adjacent arrangement and established construction date define the physical character of this apartment property.
The unit mix includes 24 two-bedroom, one-bath apartments, 8 one-bedroom, one-bath apartments, and 6 studio units. The range of layouts provides a compact multifamily offering with multiple residential formats within one connected property grouping.
The buildings are located at 1219 Sharazad Boulevard in Opa-Locka, FL 33054. The adjacent arrangement and established construction date define the physical character of this apartment property.
Key Highlights
- 38 total units across five adjacent apartment buildings
- Unit mix includes 24 two‑bedroom, one‑bath units
- 8 one‑bedroom, one‑bath units included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$388,237
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,764,740
$7.8M
Cap Rate 7%
$5,546,243
$5.5M
Cap Rate 9%
$4,313,744
$4.3M
Market Conditions
NOI Build-Up for 21,016 SF
Gross rent
$756.6K $36.00/SF
− Vacancy
−$50.7K −$2.41/SF
EGI
$705.9K $33.59/SF
− OpEx
−$317.6K −$15.11/SF
NOI
$388.2K $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 Rate 5%
$7,764,740
Cap Rate 7%
$5,546,243
Cap Rate 9%
$4,313,744
Alternative Uses
Best Use
Apartment 5plus
$5.55M
$4.85M – $6.47M
NOI $388,237 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.19M
$12.41M – $16.55M
NOI $993,015 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
38
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five adjacent multifamily buildings in Opa-Locka offer a varied residential unit mix.
Where is this apartment building located?
The property is located at 1219 Sharazad Boulevard Opa Locka, FL.
What is the asking price?
The asking price for this property is $6,840,000.
What are key features of this property?
This property features: 38 total units across five adjacent apartment buildings; Unit mix includes 24 two‑bedroom, one‑bath units; 8 one‑bedroom, one‑bath units included
