Two-Story Apartment
For Sale
Contact for pricing
1528 Southwest 5th Street, Miami, FL 33135
Fourteen-unit residential property with T4-L zoning and updated electrical service.
Property Size8,030 SF
Lot Size0.22 Acres
Price / SF$336.24
Days on Market10
Property Features for 1528 Southwest 5th Street
General Information
Standard status
Active
Size
8,030 SF
Lot size
0.22 Acres
Property subtype
Multifamily
Zoning
T4-L
Net Operating Income
$126,911
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
5 x studio, 10 x 1BR/1BA
Multifamily Units
14
Building Details
Year Built
1925
Buildings
1
Stories
2
Units
15
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Evan Kristol · License #FL SL640466
Source:
Crexi
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 11 at 5:47AM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
This two-story apartment building contains 14 residential units within approximately 8,030 square feet. Constructed in 1925, the property sits on a 0.22-acre lot and has updated electrical service. T4-L zoning supports the property’s existing apartment configuration.
Residents are responsible for electric service, while ownership covers water, sewer, and trash removal. The building is positioned on SW 5th Street between SW 12th Avenue and SW 17th Avenue, within a densely populated area located between Flagler Street and SW 8th Street. Those corridors provide nearby retail and commercial context, while the surrounding area includes access to major employment centers such as the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
Residents are responsible for electric service, while ownership covers water, sewer, and trash removal. The building is positioned on SW 5th Street between SW 12th Avenue and SW 17th Avenue, within a densely populated area located between Flagler Street and SW 8th Street. Those corridors provide nearby retail and commercial context, while the surrounding area includes access to major employment centers such as the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
Key Highlights
- 14‑unit, two‑story apartment building
- Approximately 8,030 SF of building area
- 0.22‑acre lot with T4‑L zoning
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
$148,341
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
5.49%
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%
$2,966,820
$3.0M
Cap Rate 7%
$2,119,157
$2.1M
Cap Rate 9%
$1,648,233
$1.6M
Market Conditions
NOI Build-Up for 8,030 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
$289.1K $36.00/SF
− Vacancy
−$19.4K −$2.41/SF
EGI
$269.7K $33.59/SF
− OpEx
−$121.4K −$15.11/SF
NOI
$148.3K $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%
$2,966,820
Cap Rate 7%
$2,119,157
Cap Rate 9%
$1,648,233
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,341 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.42M
$4.74M – $6.32M
NOI $379,421 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,745
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Fourteen-unit residential property with T4-L zoning and updated electrical service.
Where is this apartment building located?
The property is located at 1528 Southwest 5th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 14‑unit, two‑story apartment building; Approximately 8,030 SF of building area; 0.22‑acre lot with T4‑L zoning
