Multifamily Property with High
For Sale
$1,100,000
Pending
329 NW 11th Ave, Miami, FL 33128
1920-built multifamily asset with a newer roof, completed 40-year recertification work, and a separate rear structure.
Property Size3,120 SF
Days on Market130
Property Features for 329 NW 11th Ave
General Information
Standard status
Pending
Size
3,120 SF
Property subtype
Commercial
Building Details
Building Size
3,120 SF
Year Built
1920
Listed By:
Eric Zimelman
(305) 788-7109
Source:
Elliman
Added: Apr 29
Changed: Sep 3
Last Checked: Aug 31 at 6:04PM
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 Eric Zimelman
Investment Insights
Based on property information with market context.
Built in 1920, this multifamily property includes units with extra-high ceilings and a newer roof. The work associated with the 40-year recertification has been completed, addressing a significant property requirement.
A separate two-level structure sits at the rear of the property. Its configuration includes an upper level and a lower level that may support storage and laundry uses, subject to applicable approvals. The property is located in Little Havana at 329 NW 11th Ave in Miami. Walk Score is 94, Transit Score is 100, and Bike Score is 73.
A separate two-level structure sits at the rear of the property. Its configuration includes an upper level and a lower level that may support storage and laundry uses, subject to applicable approvals. The property is located in Little Havana at 329 NW 11th Ave in Miami. Walk Score is 94, Transit Score is 100, and Bike Score is 73.
Key Highlights
- 40‑year recertification work completed
- Newer roof in place
- Units feature extra‑high ceilings
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
$57,637
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
5.24%
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%
$1,152,740
$1.2M
Cap Rate 7%
$823,386
$823.4K
Cap Rate 9%
$640,411
$640.4K
Market Conditions
NOI Build-Up for 3,120 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
$112.3K $36.00/SF
− Vacancy
−$7.5K −$2.41/SF
EGI
$104.8K $33.59/SF
− OpEx
−$47.2K −$15.11/SF
NOI
$57.6K $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%
$1,152,740
Cap Rate 7%
$823,386
Cap Rate 9%
$640,411
Alternative Uses
Best Use
Apartment 5plus
$823.4K
$720.5K – $960.6K
NOI $57,637 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.11M
$1.84M – $2.46M
NOI $147,421 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - 1920-built multifamily asset with a newer roof, completed 40-year recertification work, and a separate rear structure.
Where is this multifamily property located?
The property is located at 329 NW 11th Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 40‑year recertification work completed; Newer roof in place; Units feature extra‑high ceilings
