Modern Apartment Building with
New
For Sale
$5,750,000
1620 NW 18th Street, Miami, FL 33125
Newly built multifamily property with contemporary finishes, varied floor plans, and highway connectivity.
Property Size14,879 SF
Lot Size0.16 Acres
Price / SF$386.45
Days on Market5
Property Features for 1620 NW 18th Street
General Information
Standard status
Active
Size
14,879 SF
Net Rentable
10,246 SF
Lot size
0.16 Acres
Zoning
4601
Units
Unit Mix
5 x studio, 4 x 1BR/1BA (410 sf), 5 x 1BR/1BA (531 sf), 6 x 2BR/1BA (650 sf)
Multifamily Units
20
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,433
Amenities
private balconies
wheelchair lift
Building Details
Building Size
14,879 SF
Year Built
2025
Buildings
1
Stories
3
Listing Agency:
MSP Group, LLC
Listed By:
Demosthenes Mekras · License #0704134
(786) 208-2684
Source:
Laerrealty
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 7:41AM
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 MSP Group, LLC
Investment Insights
Based on property information with market context.
The Lola Apartments is a 2025-built, three-story apartment building containing 20 units and 14,879 gross square feet, including 10,246 square feet of net rentable space. The 7,150-square-foot site includes a unit mix of studios, one-bedroom residences, and two-bedroom residences. Interior features include white shaker cabinetry, quartz countertops, stainless steel appliances, wood-style vinyl plank flooring, full bathtubs, and walk-in closets in select homes. Corner units add private balconies behind floor-to-ceiling glass sliding doors. Air conditioning is provided through central systems in select units and mini-splits elsewhere. Electric service is individually metered, and a wheelchair lift provides access throughout the property.
The property is located at 1620 NW 18th Street in Miami. The Dolphin Expressway is less than one mile away, while I-95 is under two miles from the building, providing access across Miami-Dade and Broward counties. The property is identified under zoning designation 4601.
The property is located at 1620 NW 18th Street in Miami. The Dolphin Expressway is less than one mile away, while I-95 is under two miles from the building, providing access across Miami-Dade and Broward counties. The property is identified under zoning designation 4601.
Key Highlights
- 20‑unit, three‑story apartment building completed in 2025
- 14,879 gross square feet with 10,246 square feet of net rentable space
- Unit mix includes 5 studios, 9 one‑bedroom units, and 6 two‑bedroom units
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
$274,866
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
4.78%
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%
$5,497,320
$5.5M
Cap Rate 7%
$3,926,657
$3.9M
Cap Rate 9%
$3,054,067
$3.1M
Market Conditions
NOI Build-Up for 14,879 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
$535.6K $36.00/SF
− Vacancy
−$35.9K −$2.41/SF
EGI
$499.8K $33.59/SF
− OpEx
−$224.9K −$15.11/SF
NOI
$274.9K $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%
$5,497,320
Cap Rate 7%
$3,926,657
Cap Rate 9%
$3,054,067
Alternative Uses
Best Use
Apartment 5plus
$3.93M
$3.44M – $4.58M
NOI $274,866 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.04M
$8.79M – $11.72M
NOI $703,039 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,726
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly built multifamily property with contemporary finishes, varied floor plans, and highway connectivity.
Where is this apartment building located?
The property is located at 1620 NW 18th Street Miami, FL.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 20‑unit, three‑story apartment building completed in 2025; 14,879 gross square feet with 10,246 square feet of net rentable space; Unit mix includes 5 studios, 9 one‑bedroom units, and 6 two‑bedroom units
