Miami Multifamily Investment
For Sale
Contact for pricing
Pending
1343 NW 1st St, Miami, FL 33125
22-unit property in Little Havana, prime location for real estate venture.
Property Size24,051 SF
Days on Market189
Property Features for 1343 NW 1st St
General Information
Standard status
Pending
Size
24,051 SF
Property subtype
Hospitality
Zoning
T5-L
Building Details
Buildings
1
Stories
5
Units
22
Listing Agency:
GREA
Listed By:
Saagar Patel · License #SL3442856
Source:
Crexi
Added: Feb 6
Changed: Aug 8
Last Checked: Aug 13 at 2:07PM
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 GREA
Investment Insights
Based on property information with market context.
Located in Miami's Little Havana neighborhood, this property at 1343 Northwest 1st Street features an existing 22-unit building. The site is positioned in a dynamic and evolving area, presenting an opportunity to capitalize on Miami’s growing real estate market. The location is near major transportation routes and commercial corridors, making it suitable for multifamily, mixed-use, or short-term rental developments. The property benefits from its connectivity, with access to major highways including I-95, US-1, and the Dolphin Expressway, as well as public transit options like the Metrorail and Metrobus networks. The surrounding neighborhood is a cultural hub with local businesses and dining. Little Havana is attracting new developments, while the Brickell financial district and Downtown Miami are experiencing economic growth, increasing the demand for housing and retail spaces. The area is undergoing urban renewal, creating opportunities for developers. The demand for affordable and workforce housing in Miami reinforces the value of this investment. The property's zoning provides flexibility for various operational approaches, presenting an opportunity for investors seeking long-term profitability.
Key Highlights
- Prime location in Miami's Little Havana, a dynamic and evolving neighborhood.
- Excellent investment opportunity to capitalize on Miami's rapidly growing real estate market.
- Strong connectivity with easy access to major highways and public transit.
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
$444,304
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
6.44%
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%
$8,886,080
$8.9M
Cap Rate 7%
$6,347,200
$6.3M
Cap Rate 9%
$4,936,711
$4.9M
Market Conditions
NOI Build-Up for 24,051 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
$865.8K $36.00/SF
− Vacancy
−$58.0K −$2.41/SF
EGI
$807.8K $33.59/SF
− OpEx
−$363.5K −$15.11/SF
NOI
$444.3K $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%
$8,886,080
Cap Rate 7%
$6,347,200
Cap Rate 9%
$4,936,711
Alternative Uses
Best Use
Apartment 5plus
$6.35M
$5.55M – $7.41M
NOI $444,304 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$16.23M
$14.21M – $18.94M
NOI $1,136,421 @ 7.0% cap · market cap 16.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,125
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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 - 22-unit property in Little Havana, prime location for real estate venture.
Where is this apartment building located?
The property is located at 1343 NW 1st St Miami, FL.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: Prime location in Miami's Little Havana, a dynamic and evolving neighborhood.; Excellent investment opportunity to capitalize on Miami's rapidly growing real estate market.; Strong connectivity with easy access to major highways and public transit.
