5-Unit Multifamily
For Sale
$1,900,000
1621 Northwest 16th Street, Miami, FL 33125
Renovated multifamily asset with varied unit types and individual electric meters.
Property Size3,728 SF
Lot Size0.15 Acres
Price / SF$509.66
Days on Market984
Property Features for 1621 Northwest 16th Street
General Information
Standard status
Active
Size
3,728 SF
Lot size
0.15 Acres
Property subtype
Commercial/Industrial / Income/Multi Family
Zoning
T6-8-R
Units
Unit Mix
3 x 2BR/1BA, 1 x 1BR/1BA, 1 x studio
Multifamily Units
5
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$12,352
Building Details
Year Built
1978
Listing Agency:
Eleventrust LLC
Listed By:
David Fermoselle · License #3306806
(305) 299-4124
Source:
Compass
Added: Dec 26, 2023
Changed: Sep 3
Last Checked: Sep 4 at 5:22PM
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 Eleventrust LLC
Investment Insights
Based on property information with market context.
This 3,728-square-foot multifamily property contains five units: three two-bedroom, one-bath residences, one one-bedroom, one-bath residence, and one studio. The 1978 building has received a permitted roof replacement along with asphalt work, new windows, and fresh interior and exterior paint. Five electric meters and one water meter serve the property.
Positioned on a 6,400-square-foot lot at 1621 Northwest 16th Street in Miami, the property is zoned T6-8-R by the City of Miami. The designation allows development up to eight stories and 150 units per acre; the site is identified as supporting up to 22 units by right. All five units are currently rented below market.
Positioned on a 6,400-square-foot lot at 1621 Northwest 16th Street in Miami, the property is zoned T6-8-R by the City of Miami. The designation allows development up to eight stories and 150 units per acre; the site is identified as supporting up to 22 units by right. All five units are currently rented below market.
Key Highlights
- Five‑unit mix: three 2/1s, one 1/1, and one studio
- 3,728 SF multifamily building on a 6,400 SF lot
- T6‑8‑R zoning allows up to 8 stories and 150 units/acre
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
$68,869
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
3.62%
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%
$1,377,380
$1.4M
Cap Rate 7%
$983,843
$983.8K
Cap Rate 9%
$765,211
$765.2K
Market Conditions
NOI Build-Up for 3,728 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
$134.2K $36.00/SF
− Vacancy
−$9.0K −$2.41/SF
EGI
$125.2K $33.59/SF
− OpEx
−$56.3K −$15.11/SF
NOI
$68.9K $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%
$1,377,380
Cap Rate 7%
$983,843
Cap Rate 9%
$765,211
Alternative Uses
Best Use
Apartment 5plus
$983.8K
$860.9K – $1.15M
NOI $68,869 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.52M
$2.20M – $2.94M
NOI $176,150 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,803
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 - Renovated multifamily asset with varied unit types and individual electric meters.
Where is this apartment building located?
The property is located at 1621 Northwest 16th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Five‑unit mix: three 2/1s, one 1/1, and one studio; 3,728 SF multifamily building on a 6,400 SF lot; T6‑8‑R zoning allows up to 8 stories and 150 units/acre
