12-Unit Apartment
New
For Sale
$2,200,000
1628 SW 3rd St, Miami, FL 33135
Two-story building with updated electrical service and rear off-street parking.
Property Size6,168 SF
Lot Size0.17 Acres
Days on Market5
Property Features for 1628 SW 3rd St
General Information
Standard status
Active
Size
6,168 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Zoning
T4-L
Occupancy
95%
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Amenities
Well located Little Havana Submarket
Very strong rental market
On-site parking
Updated Electric
Upside in rental income
Building Details
Building Size
6,168 SF
Buildings
1
Stories
2
Units
12
Listing Agency:
Fort Lauderdale Office
(954) 245-3444
Listed By:
Felipe Echarte · License #License(s): FL: SL696115
(954) 245-3444
Source:
Marcusmillichap
Added: Aug 13
Changed: Aug 15
Last Checked: Aug 16 at 3:06AM
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 contains 12 one-bedroom, one-bathroom units, each measuring about 514 SF. Electrical systems have been updated throughout the building, and residents have access to off-street parking at the rear. The property occupies a .17-acre lot and carries T4-L zoning. Tenants pay for electricity, while ownership covers water, sewer, and trash removal.
The building is positioned on SW 3rd Street between SW 12th Avenue and SW 17th Avenue, within the area bounded by Flagler Street and SW 8th Street. Those corridors provide a surrounding mix of retail and commercial activity. The property is also situated among South Florida employment centers, including the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
The building is positioned on SW 3rd Street between SW 12th Avenue and SW 17th Avenue, within the area bounded by Flagler Street and SW 8th Street. Those corridors provide a surrounding mix of retail and commercial activity. The property is also situated among South Florida employment centers, including the Health District, Downtown Miami, Brickell, Port Miami, Coconut Grove, Coral Gables, and Miami International Airport.
Key Highlights
- 12‑unit apartment building with one‑bedroom, one‑bathroom units
- Each unit measures about 514 SF
- Two‑story building on a .17‑acre lot
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
$113,944
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
5.18%
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%
$2,278,880
$2.3M
Cap Rate 7%
$1,627,771
$1.6M
Cap Rate 9%
$1,266,044
$1.3M
Market Conditions
NOI Build-Up for 6,168 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
$222.0K $36.00/SF
− Vacancy
−$14.9K −$2.41/SF
EGI
$207.2K $33.59/SF
− OpEx
−$93.2K −$15.11/SF
NOI
$113.9K $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%
$2,278,880
Cap Rate 7%
$1,627,771
Cap Rate 9%
$1,266,044
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.42M – $1.90M
NOI $113,944 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.16M
$3.64M – $4.86M
NOI $291,441 @ 7.0% cap · market cap 13.25%
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
3,795
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 - Two-story building with updated electrical service and rear off-street parking.
Where is this apartment building located?
The property is located at 1628 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 12‑unit apartment building with one‑bedroom, one‑bathroom units; Each unit measures about 514 SF; Two‑story building on a .17‑acre lot
