Remodeled 4-Unit
For Sale
$850,000
1648 Northwest 33rd Street, Miami, FL 33142
Vacant apartments feature new stainless steel appliances and updated interiors.
Property Size2,407 SF
Price / SF$353.14
Days on Market232
Property Features for 1648 Northwest 33rd Street
General Information
Standard status
Active
Size
2,407 SF
Property subtype
Multi-Family Income / Fourplex
Units
Unit Mix
2 x 3BR/1BA, 2 x 1BR/1BA with den
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$13,379
Amenities
new stainless steel appliances
Building Details
Year Built
1925
Listing Agency:
Fausto Commercial Realty Consultants Inc
(786) 748-7373
Listed By:
Miguel Fuentes · License #3403804
(786) 748-7373
Source:
Compass
Added: Jan 10
Changed: Aug 29
Last Checked: Aug 29 at 3:10PM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This remodeled quadplex at 1648 Northwest 33rd Street contains four residential units totaling 2,407 square feet. The configuration includes two three-bedroom, one-bath apartments and two one-bedroom, one-bath units, each with a den. New stainless steel appliances are included throughout, and all units are currently vacant.
Built in 1925, the property sits on a high-density zoned lot in Allapattah. It is positioned just off the 17th Avenue corridor and within blocks of NW 36th Street, providing access to east-west routes across Miami. The units are available for showing.
Built in 1925, the property sits on a high-density zoned lot in Allapattah. It is positioned just off the 17th Avenue corridor and within blocks of NW 36th Street, providing access to east-west routes across Miami. The units are available for showing.
Key Highlights
- Four‑unit multifamily property with two 3‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units with den
- 2,407‑square‑foot property built in 1925
- All units include new stainless steel appliances
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
$48,274
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
5.68%
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%
$965,480
$965.5K
Cap Rate 7%
$689,629
$689.6K
Cap Rate 9%
$536,378
$536.4K
Market Conditions
NOI Build-Up for 2,407 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
$73.7K $30.60/SF
− Vacancy
−$4.7K −$1.95/SF
EGI
$69.0K $28.65/SF
− OpEx
−$20.7K −$8.60/SF
NOI
$48.3K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$965,480
Cap Rate 7%
$689,629
Cap Rate 9%
$536,378
Alternative Uses
Best Use
Multifamily LT 5
$689.6K
$603.4K – $804.6K
NOI $48,274 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$635.2K
$555.8K – $741.1K
NOI $44,465 @ 7.0% cap · market cap 5.23%
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.90M
NOI $113,732 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Quadplex - Vacant apartments feature new stainless steel appliances and updated interiors.
Where is this quadplex located?
The property is located at 1648 Northwest 33rd Street Miami, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit multifamily property with two 3‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units with den; 2,407‑square‑foot property built in 1925; All units include new stainless steel appliances
