12-Unit Renovated Apartment
For Sale
$2,500,000
Pending
628 SW 16th Ave, Miami, FL 33135
Gut-renovated multifamily property with matching one-bedroom residences and T5-O zoning in Miami’s Little Havana neighborhood.
Property Size8,672 SF
Days on Market2550
Property Features for 628 SW 16th Ave
General Information
Standard status
Pending
Size
8,672 SF
Property subtype
General Commercial
Zoning
T5-O
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$4,602
Amenities
washer/dryer in units
roof top
3
Building Details
Year Built
1926
Buildings
1
Construction
Old Spanish
Listing Agency:
Fausto Commercial Realty Consultants Inc
(305) 340-8901
Listed By:
Mauricio Villasuso · License #3254982
(305) 340-8901
Source:
Xome
Added: Sep 7, 2019
Changed: Aug 29
Last Checked: Aug 29 at 11:22PM
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 12-unit multifamily property in Little Havana occupies a T5-O zoned lot and dates to 1926. The building has been renovated to the studs, with impact windows, PVC plumbing, reinforced floors, and in-unit washer and dryer connections. Each residence follows the same one-bedroom, one-bathroom layout, creating a consistent configuration across the property. The building contains 8,672 square feet.
Located at 628 SW 16th Ave in Miami, the property is within five minutes of Brickell and Downtown. It is positioned in Little Havana, an area recognized in the source information for its cultural character, with additional retail activity along nearby Calle Ocho. The roof has live-load capacity, providing a documented feature for future rooftop use consideration.
Located at 628 SW 16th Ave in Miami, the property is within five minutes of Brickell and Downtown. It is positioned in Little Havana, an area recognized in the source information for its cultural character, with additional retail activity along nearby Calle Ocho. The roof has live-load capacity, providing a documented feature for future rooftop use consideration.
Key Highlights
- 12 apartment units with identical one‑bedroom, one‑bathroom floor plans
- 8,672 square feet on a T5‑O zoned lot
- Gut renovation completed to the studs
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
$160,201
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
6.41%
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%
$3,204,020
$3.2M
Cap Rate 7%
$2,288,586
$2.3M
Cap Rate 9%
$1,780,011
$1.8M
Market Conditions
NOI Build-Up for 8,672 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
$312.2K $36.00/SF
− Vacancy
−$20.9K −$2.41/SF
EGI
$291.3K $33.59/SF
− OpEx
−$131.1K −$15.11/SF
NOI
$160.2K $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%
$3,204,020
Cap Rate 7%
$2,288,586
Cap Rate 9%
$1,780,011
Alternative Uses
Best Use
Apartment 5plus
$2.29M
$2.00M – $2.67M
NOI $160,201 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.85M
$5.12M – $6.83M
NOI $409,756 @ 7.0% cap · market cap 16.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,745
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Gut-renovated multifamily property with matching one-bedroom residences and T5-O zoning in Miami’s Little Havana neighborhood.
Where is this apartment building located?
The property is located at 628 SW 16th Ave Miami, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 12 apartment units with identical one‑bedroom, one‑bathroom floor plans; 8,672 square feet on a T5‑O zoned lot; Gut renovation completed to the studs
