12-Unit Apartment
For Sale
$2,350,000
1563 SW 2nd Street, Miami, FL 33135
Twelve units in a three-story 1925 building with flat roof, studio and 1-bedroom layouts, and parking options.
Property Size5,928 SF
Lot Size0.17 Acres
Price / SF$396.42
Days on Market61
Property Features for 1563 SW 2nd Street
General Information
Standard status
Active
Size
5,928 SF
Lot size
0.17 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$26,238
Building Details
Building Size
5,928 SF
Year Built
1925
Stories
3
Listing Agency:
MSP Group, LLC
Listed By:
Demosthenes George Mekras · License #0704134
(786) 208-2684
Source:
Silverleafrealtygroup
Added: Jul 8
Changed: Sep 2
Last Checked: Sep 5 at 7:51AM
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.
Doce Tribus Apartments is a 12-unit, three-story apartment building constructed in 1925. The property totals 5,928 SF and sits on a 7,500 SF parcel. The unit mix includes 10 studio apartments and 2 one-bedroom, one-bath units, with average unit size around 494 SF. Residents benefit from wall/window A/C units and a durable flat roof.
Rents currently range from $975 to $1,450, with an average in-place rent of $1,279. Water, sewer, and trash are included in the rent, and the community offers both on-site and street parking. Doce Tribus is located in Little Havana and is described as being within a short drive of Miami International Airport, the Health District/Civic Center, and PortMiami via car or public transportation.
The building’s configuration and included utilities support an all-in living setup for residents, with parking available for tenants through on-site and street options.
Rents currently range from $975 to $1,450, with an average in-place rent of $1,279. Water, sewer, and trash are included in the rent, and the community offers both on-site and street parking. Doce Tribus is located in Little Havana and is described as being within a short drive of Miami International Airport, the Health District/Civic Center, and PortMiami via car or public transportation.
The building’s configuration and included utilities support an all-in living setup for residents, with parking available for tenants through on-site and street options.
Key Highlights
- 12‑unit apartment complex at 1563 SW 2nd Street, Miami, FL in a 3‑story building built in 1925
- Building size of 5,928 SF on a 7,500 SF (0.17‑acre) parcel
- Unit mix: 10 studios and 2 one‑bedroom/one‑bath units, with units averaging 494 SF
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
$109,510
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
4.66%
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%
$2,190,200
$2.2M
Cap Rate 7%
$1,564,429
$1.6M
Cap Rate 9%
$1,216,778
$1.2M
Market Conditions
NOI Build-Up for 5,928 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
$213.4K $36.00/SF
− Vacancy
−$14.3K −$2.41/SF
EGI
$199.1K $33.59/SF
− OpEx
−$89.6K −$15.11/SF
NOI
$109.5K $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%
$2,190,200
Cap Rate 7%
$1,564,429
Cap Rate 9%
$1,216,778
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.37M – $1.83M
NOI $109,510 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.00M
$3.50M – $4.67M
NOI $280,101 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
4,345
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 - Twelve units in a three-story 1925 building with flat roof, studio and 1-bedroom layouts, and parking options.
Where is this apartment building located?
The property is located at 1563 SW 2nd Street Miami, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 12‑unit apartment complex at 1563 SW 2nd Street, Miami, FL in a 3‑story building built in 1925; Building size of 5,928 SF on a 7,500 SF (0.17‑acre) parcel; Unit mix: 10 studios and 2 one‑bedroom/one‑bath units, with units averaging 494 SF
