Two-Story Apartment
For Sale
$2,700,000
1528 SW 5th St, Miami, FL 33135
Residential income property with updated electrical service and T4-L zoning in an established Miami neighborhood.
Property Size8,030 SF
Days on Market27
Property Features for 1528 SW 5th St
General Information
Standard status
Active
Size
8,030 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Well located Little Havana Submarket
Very strong rental market
Updated Electric
Select units have central air-conditioning
Upside in rental income
Building Details
Building Size
8,030 SF
Units
14
Listing Agency:
Fort Lauderdale Office
Listed By:
Felipe Echarte · License #License(s): FL: SL696115
(954) 245-3444
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 30
Last Checked: Sep 2 at 1:07PM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
This two-story apartment property sits on a 0.22-acre lot and includes updated electrical service. The property is designated T4-L, supporting its residential multifamily classification. Utility responsibilities are divided between the tenants and ownership, with tenants paying electric service while the owner covers water, sewer, and trash removal.
The building is located at 1528 SW 5th Street between SW 12th Avenue and SW 17th Avenue. Its surrounding area lies between Flagler Street and SW 8th Street, placing the property near two established retail and commercial corridors. The neighborhood is described as densely populated, with access to employment centers including the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
The building is located at 1528 SW 5th Street between SW 12th Avenue and SW 17th Avenue. Its surrounding area lies between Flagler Street and SW 8th Street, placing the property near two established retail and commercial corridors. The neighborhood is described as densely populated, with access to employment centers including the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
Key Highlights
- Two‑story apartment property on a 0.22‑acre lot
- T4‑L zoning
- Updated electrical service
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
Property Profile
Current Use
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 - Residential income property with updated electrical service and T4-L zoning in an established Miami neighborhood.
Where is this apartment building located?
The property is located at 1528 SW 5th St 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: Two‑story apartment property on a 0.22‑acre lot; T4‑L zoning; Updated electrical service
