Miami Multifamily Investment
For Sale
$4,200,000
1701 SW 3rd St, Miami, FL 33135
14-unit apartment building in a dynamic Miami location.
Property Size10,764 SF
Price / SF$390.19
Days on Market477
Property Features for 1701 SW 3rd St
General Information
Standard status
Active
Size
10,764 SF
Property subtype
Income/MultiFamily
Building Details
Building Size
10,764 SF
Year Built
1968
Listing Agency:
BHHS EWM Realty
Listed By:
Kenneth Raymond · License #0613345
(786) 443-9649
Source:
Casacollectiongroup
Added: Jun 30, 2025
Changed: Oct 16
Last Checked: Oct 19 at 1:41PM
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 BHHS EWM Realty
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Investment Insights
Based on property information with market context.
This 14-unit apartment building, comprising 13 two-bedroom, one-bathroom units and one one-bedroom unit, is situated in a rapidly evolving area of Miami. The property's zoning allows for mixed-use development, including residential, multifamily, and commercial applications, providing flexibility for investors and developers. The location is near the Miami River, Downtown, Brickell, Calle 8, the Medical Health District, Miami International Airport, Coral Gables, and Coconut Grove. A 29,250-square-foot lot is available to the north of the property.
Key Highlights
- Prime location in a rapidly evolving area of Miami, close to major destinations.
- Mixed‑use zoning provides flexibility for investors and developers.
- 14‑unit apartment building with a mix of 2/1 and 1‑bedroom units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$198,848
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,976,960
$4.0M
Cap Rate 7%
$2,840,686
$2.8M
Cap Rate 9%
$2,209,422
$2.2M
Market Conditions
NOI Build-Up for 10,764 SF
Gross rent
$387.5K $36.00/SF
− Vacancy
−$26.0K −$2.41/SF
EGI
$361.5K $33.59/SF
− OpEx
−$162.7K −$15.11/SF
NOI
$198.8K $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 Rate 5%
$3,976,960
Cap Rate 7%
$2,840,686
Cap Rate 9%
$2,209,422
Alternative Uses
Best Use
Apartment 5plus
$2.84M
$2.49M – $3.31M
NOI $198,848 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.27M
$6.36M – $8.48M
NOI $508,604 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 14-unit apartment building in a dynamic Miami location.
Where is this apartment building located?
The property is located at 1701 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Prime location in a rapidly evolving area of Miami, close to major destinations.; Mixed‑use zoning provides flexibility for investors and developers.; 14‑unit apartment building with a mix of 2/1 and 1‑bedroom units.
