Updated Four-Unit
For Sale
$1,550,000
1520 SW 22nd Ave, Miami, FL 33145
Residential Income, Miami, FL
Property Size2,484 SF
Price / SF$623.99
Days on Market47
Property Features for 1520 SW 22nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
5700
Bedrooms
5
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 4, Bedroom 2, Bedroom 5, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 1
Parking
5
Spa
1
Subdivision
GRAPELAND
Lot features
1/4 to 1/2 Acre Lot
Standard status
Active
APN
01-41-10-002-1050
Size
2,484 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
GRAPELAND SUB REV PB 3-196 LOT 4 LESS E20FT FOR R/W BLK 6 LOT SIZE 50 X 120 OR 15591-3839 0692 5
Tax Annual Amount
15291
Legal Description
GRAPELAND SUB REV PB 3-196 LOT 4 LESS E20FT FOR R/W BLK 6 LOT SIZE 50 X 120 OR 15591-3839 0692 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s), Ceiling Fan(s)
Building Details
Year built
1924
Floors in Building
1
Flooring type
Tile, Tile - Ceramic
Building materials
Block
Roof type
Shingle, Concrete
Architectural style
Other
Listing Agency:
Elite Ocean View Realty LLC
(305) 600-1278
Listed By:
Luiza Renuart · License #3582588
(305) 905-7514
Added: Jul 13
Changed: Aug 27
Last Checked: Aug 28 at 7:06PM
MLS# A12052250
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,484-square-foot quadplex contains four furnished units within a block-constructed building completed in 1924. Interior improvements include tile and ceramic tile flooring, impact windows, and updated finishes. Cooling is provided by wall or window units, with ceiling fans also present. The property includes a spa, public sewer service, and cable availability.
Two units are occupied under month-to-month tenancies. Approved plans are included for a second-story apartment with two bedrooms and two bathrooms. The property is located at 1520 SW 22nd Ave in Miami, Florida, within the 33145 postal area.
Two units are occupied under month-to-month tenancies. Approved plans are included for a second-story apartment with two bedrooms and two bathrooms. The property is located at 1520 SW 22nd Ave in Miami, Florida, within the 33145 postal area.
Key Highlights
- Four‑unit quadplex with 2,484 square feet of property size
- All four units are furnished
- Two units currently have month‑to‑month tenants
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
$49,818
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
3.21%
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%
$996,360
$996.4K
Cap Rate 7%
$711,686
$711.7K
Cap Rate 9%
$553,533
$553.5K
Market Conditions
NOI Build-Up for 2,484 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
$76.0K $30.60/SF
− Vacancy
−$4.8K −$1.95/SF
EGI
$71.2K $28.65/SF
− OpEx
−$21.4K −$8.60/SF
NOI
$49.8K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$996,360
Cap Rate 7%
$711,686
Cap Rate 9%
$553,533
Alternative Uses
Best Use
Multifamily LT 5
$711.7K
$622.7K – $830.3K
NOI $49,818 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$655.5K
$573.6K – $764.8K
NOI $45,888 @ 7.0% cap · market cap 2.96%
Theoretical Best
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,370 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,481
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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?
Quadplex - Four furnished units include two month-to-month tenancies and approved plans for an additional second-story apartment.
Where is this quadplex located?
The property is located at 1520 SW 22nd Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,484 square feet of property size; All four units are furnished; Two units currently have month‑to‑month tenants
