Turnkey Multifamily Apartment
For Sale
$2,250,000
Pending
1785 13th Street, Miami, FL 33145
Renovated 12-unit building with one-bedroom residences, wall-mounted A/C, and a roof installed in 2021.
Property Size8,899 SF
Days on Market389
Property Features for 1785 13th Street
General Information
Standard status
Pending
Size
8,899 SF
Property subtype
General Commercial
Additional Details
Business Included
Yes
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$28,447
Amenities
3
12 Parking Spaces.
Building Details
Year Built
1928
Year Renovated
2021
Tenancy
Multi
Listing Agency:
LoKation
(954) 545-5583
Listed By:
Steven Grossman, PA · License #SL3372785
Source:
Xome
Added: Aug 6, 2025
Changed: Aug 25
Last Checked: Aug 28 at 7:44AM
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 LoKation
Investment Insights
Based on property information with market context.
Turnkey 12-unit apartment building on a corner lot at 1785 SW 13th St, Miami, FL 33145. The property offers spacious one-bedroom, one-bathroom residences with living rooms, dining areas, and kitchens, and double-height ceilings. Extensive renovations include updated plumbing and electrical systems, newer wall-mounted A/C units, and a new roof installed in 2021. The 40-Year Recertification was completed in 2018.
The building is described as having add-on potential and is approximately 10 minutes from Coconut Grove. Additional disclosures include that there is no seller financing.
This is a renovated, move-in-ready multifamily asset with confirmed building updates and completed recertification documentation, designed for investors seeking a turnkey presentation.
The building is described as having add-on potential and is approximately 10 minutes from Coconut Grove. Additional disclosures include that there is no seller financing.
This is a renovated, move-in-ready multifamily asset with confirmed building updates and completed recertification documentation, designed for investors seeking a turnkey presentation.
Key Highlights
- Renovated 12‑unit multifamily building with one‑bedroom, one‑bathroom residences
- Corner lot totaling 12,626 SF
- Renovations include updated plumbing and electrical systems
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
$164,395
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
7.31%
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%
$3,287,900
$3.3M
Cap Rate 7%
$2,348,500
$2.3M
Cap Rate 9%
$1,826,611
$1.8M
Market Conditions
NOI Build-Up for 8,899 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
$320.4K $36.00/SF
− Vacancy
−$21.5K −$2.41/SF
EGI
$298.9K $33.59/SF
− OpEx
−$134.5K −$15.11/SF
NOI
$164.4K $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%
$3,287,900
Cap Rate 7%
$2,348,500
Cap Rate 9%
$1,826,611
Alternative Uses
Best Use
Apartment 5plus
$2.35M
$2.05M – $2.74M
NOI $164,395 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.01M
$5.26M – $7.01M
NOI $420,482 @ 7.0% cap · market cap 18.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,986
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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 - Renovated 12-unit building with one-bedroom residences, wall-mounted A/C, and a roof installed in 2021.
Where is this apartment building located?
The property is located at 1785 13th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Renovated 12‑unit multifamily building with one‑bedroom, one‑bathroom residences; Corner lot totaling 12,626 SF; Renovations include updated plumbing and electrical systems
