Palmetto Bay Multifamily Investment
For Sale
Contact for pricing
Pending
14258 SW 88th Ave, Palmetto Bay, FL 33176
Well-maintained 6-unit multifamily property in Palmetto Bay.
Property Size3,593 SF
Lot Size0.34 Acres
Days on Market170
Property Features for 14258 SW 88th Ave
General Information
Standard status
Pending
Size
3,593 SF
Class
C
Total Parking Spaces
6
Lot size
0.34 Acres
Property subtype
Multifamily
Zoning
R-TH
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1963
Buildings
3
Units
6
Listing Agency:
Franklin Street Tampa
Listed By:
Ryan Wold · License #FL 3424080
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 8 at 2:40PM
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 Franklin Street Tampa
Investment Insights
Based on property information with market context.
This rare offering presents a well-maintained, value-add 6-unit multifamily community in Palmetto Bay. Constructed in 1963, the property consists of three duplexes situated on a spacious approximately 0.34-acre lot. The asset is currently 100% occupied with long-term tenants, demonstrating strong historical performance and minimal turnover. Recent enhancements include a new septic tank and drain field, along with updated PVC plumbing. Most units feature fully remodeled interiors with stainless steel appliances, plank flooring, fresh paint, updated tile, new cabinetry, and granite countertops. All units are equipped with central air conditioning and individual tankless water heaters. Located east of US-1, residents have walkable access to daily amenities and convenient connectivity throughout Miami-Dade County. The area is supported by robust demographics, including high household incomes, top-tier schools, and elevated single-family home values. The property contains 3,593 square feet.
Key Highlights
- Rare multifamily investment opportunity in Palmetto Bay, a high‑demand area with limited inventory.
- 100% occupied with long‑term tenants, providing stable in‑place cash flow.
- Most units feature fully remodeled interiors with stainless steel appliances, plank flooring, and granite countertops.
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
$55,258
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
3.45%
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%
$1,105,160
$1.1M
Cap Rate 7%
$789,400
$789.4K
Cap Rate 9%
$613,978
$614.0K
Market Conditions
NOI Build-Up for 3,593 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
$105.2K $29.28/SF
− Vacancy
−$4.7K −$1.32/SF
EGI
$100.5K $27.96/SF
− OpEx
−$45.2K −$12.58/SF
NOI
$55.3K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$1,105,160
Cap Rate 7%
$789,400
Cap Rate 9%
$613,978
Alternative Uses
Best Use
Apartment 5plus
$789.4K
$690.7K – $921.0K
NOI $55,258 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.60M – $2.13M
NOI $127,602 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 33176, FL
52,370
Population
20,309
Households
2.6
Avg Household Size
44
Median Age
43%
College-Educated
91%
High-School Grad
12.1 sq mi
ZIP Area
4,328
Density / Sq Mi
$80,437
Median Household Income
$45,040
Median Earnings
$1,666
Median Rent
$568,400
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 - Well-maintained 6-unit multifamily property in Palmetto Bay.
Where is this apartment building located?
The property is located at 14258 SW 88th Ave Palmetto Bay, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Rare multifamily investment opportunity in Palmetto Bay, a high‑demand area with limited inventory.; 100% occupied with long‑term tenants, providing stable in‑place cash flow.; Most units feature fully remodeled interiors with stainless steel appliances, plank flooring, and granite countertops.
