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 Market936
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
(305) 431-2258
Listed By:
Francisco Campos · License #3368417
(305) 431-2258
Source:
Compass
Added: Feb 7, 2024
Changed: Aug 29
Last Checked: Aug 30 at 11:32PM
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 = 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
$388,237
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
5.68%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
