Renovated 10-Unit Apartment
For Sale
$2,500,000
1630 SW 10th Street, Miami, FL 33135
Fully occupied multifamily property with refreshed kitchens, bathrooms, and roof.
Property Size6,207 SF
Price / SF$402.77
Days on Market17
Property Features for 1630 SW 10th Street
General Information
Standard status
Active
Size
6,207 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
10
Additional Details
Gross Income
$228,246
Building Details
Year Built
1922
Listing Agency:
Real Estate Sales Force
Listed By:
Keith Terrel
(786) 453-3170
Source:
Onesothebysrealty
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 9:33AM
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 Real Estate Sales Force
Investment Insights
Based on property information with market context.
This 6,207-square-foot apartment property contains 10 residential units, including six two-bedroom, one-bath apartments and four one-bedroom, one-bath apartments. The units have been renovated with updated kitchens, modern bathroom finishes, and contemporary interior improvements. A new roof has also been installed, while the property retains its original 1922 construction date.
The building is fully occupied and positioned near major highways, public transportation, Downtown Miami, Brickell, and Coral Gables. Its unit mix combines larger two-bedroom apartments with one-bedroom units within a single multifamily asset.
The building is fully occupied and positioned near major highways, public transportation, Downtown Miami, Brickell, and Coral Gables. Its unit mix combines larger two-bedroom apartments with one-bedroom units within a single multifamily asset.
Key Highlights
- 10‑unit apartment property with six 2‑bedroom/1‑bath units and four 1‑bedroom/1‑bath units
- 6,207 square feet of multifamily improvements
- Fully occupied residential property
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
$114,664
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
4.59%
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%
$2,293,280
$2.3M
Cap Rate 7%
$1,638,057
$1.6M
Cap Rate 9%
$1,274,044
$1.3M
Market Conditions
NOI Build-Up for 6,207 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
$223.5K $36.00/SF
− Vacancy
−$15.0K −$2.41/SF
EGI
$208.5K $33.59/SF
− OpEx
−$93.8K −$15.11/SF
NOI
$114.7K $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%
$2,293,280
Cap Rate 7%
$1,638,057
Cap Rate 9%
$1,274,044
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,664 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.19M
$3.67M – $4.89M
NOI $293,284 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,356
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 - Fully occupied multifamily property with refreshed kitchens, bathrooms, and roof.
Where is this apartment building located?
The property is located at 1630 SW 10th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 10‑unit apartment property with six 2‑bedroom/1‑bath units and four 1‑bedroom/1‑bath units; 6,207 square feet of multifamily improvements; Fully occupied residential property
