12-Unit Apartment
For Sale
$1,385,000
7221 Venetian Street Unit 112, Miramar, FL 33023
Month-to-month leases and separately metered electric service provide straightforward operational structure.
Property Size7,381 SF
Price / SF$187.64
Days on Market2245
Property Features for 7221 Venetian Street Unit 112
General Information
Standard status
Active
Size
7,381 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Units
Unit Mix
8 x 1BR/1BA, 3 x Studio, 1 x 2BR/1BA
Multifamily Units
12
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$27,217
Amenities
mailboxes
laundry/utility room
Building Details
Year Built
1969
Listing Agency:
Native Realty Co.
(954) 595-2999
Listed By:
Sara Dorfman · License #3339756
(954) 595-2999
Source:
Compass
Added: Jul 9, 2020
Changed: Aug 30
Last Checked: Aug 30 at 1:42PM
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 Native Realty Co.
Investment Insights
Based on property information with market context.
This 7,381-square-foot apartment property contains 12 units: eight 1BR/1BA apartments, three studios, and one 2BR/1BA residence. Built in 1969, the building completed its 40-year certification in November 2019. Capital improvements completed since 2018 include a new roofing system, replacement of select central HVAC units, a hot water heater, refreshed landscaping, and exterior painting.
Each residence has its own electric meter, while shared amenities include mailboxes and a laundry/utility room. The owner is responsible for water, trash, sewer, and yard maintenance. All units are rented on a month-to-month basis, and the property does not participate in Section 8. The building is approximately 5 miles from downtown Hollywood’s Central Business District, with access to I-95, the Florida Turnpike, I-595, Port Everglades, Fort Lauderdale-Hollywood International Airport, and Miami.
Each residence has its own electric meter, while shared amenities include mailboxes and a laundry/utility room. The owner is responsible for water, trash, sewer, and yard maintenance. All units are rented on a month-to-month basis, and the property does not participate in Section 8. The building is approximately 5 miles from downtown Hollywood’s Central Business District, with access to I-95, the Florida Turnpike, I-595, Port Everglades, Fort Lauderdale-Hollywood International Airport, and Miami.
Key Highlights
- 12 units totaling 7,381 SF
- Unit mix includes 8 1BR/1BA, 3 studios, and 1 2BR/1BA
- 40‑year certification completed in November 2019
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
$75,999
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
5.49%
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%
$1,519,980
$1.5M
Cap Rate 7%
$1,085,700
$1.1M
Cap Rate 9%
$844,433
$844.4K
Market Conditions
NOI Build-Up for 7,381 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
$142.6K $19.32/SF
− Vacancy
−$4.4K −$0.60/SF
EGI
$138.2K $18.72/SF
− OpEx
−$62.2K −$8.42/SF
NOI
$76.0K $10.30/SF
Area
Miramar, FL
Vacancy
3.10%
Lease Rate
$19.32 /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%
$1,519,980
Cap Rate 7%
$1,085,700
Cap Rate 9%
$844,433
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$950.0K – $1.27M
NOI $75,999 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.43M
$3.01M – $4.01M
NOI $240,444 @ 7.0% cap · market cap 17.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
Explore this area
Business Placement
Demographics for 33023, FL
66,749
Population
22,450
Households
3
Avg Household Size
38
Median Age
20%
College-Educated
84%
High-School Grad
8.8 sq mi
ZIP Area
7,585
Density / Sq Mi
$70,003
Median Household Income
$35,093
Median Earnings
$1,621
Median Rent
$344,500
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 - Month-to-month leases and separately metered electric service provide straightforward operational structure.
Where is this apartment building located?
The property is located at 7221 Venetian Street Unit 112 Miramar, FL.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: 12 units totaling 7,381 SF; Unit mix includes 8 1BR/1BA, 3 studios, and 1 2BR/1BA; 40‑year certification completed in November 2019
