Renovated Three-Unit
For Sale
$594,998
Pending
180 W 21ST STREET, Hialeah, FL 33010
Mixed unit layouts feature separate electric meters, window AC, and parking on an expansive lot.
Property Size1,979 SF
Days on Market600
Property Features for 180 W 21ST STREET
General Information
Standard status
Pending
Size
1,979 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
with just a bit of TLC
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$41,400
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,124
Building Details
Year Built
1966
Listing Agency:
RICHARD PETERS REALTY LLC
(352) 448-9712
Listed By:
Ronald Ryder · License #3593068
(305) 302-9806
Source:
Exitrealty
Added: Jan 10, 2025
Changed: Sep 1
Last Checked: Sep 1 at 5:39PM
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 RICHARD PETERS REALTY LLC
Investment Insights
Based on property information with market context.
This 1,979-square-foot triplex, built in 1966, contains three residences: one two-bedroom, one-bath unit and two one-bedroom, one-bath units. One of the one-bedroom apartments has been renovated with luxury vinyl flooring, a marble-tile bathroom, granite counters, and solid wood cabinetry. The second one-bedroom unit also includes granite countertops and solid wood cabinets, while the two-bedroom residence offers a spacious living room and large kitchen. Separate electric meters and window AC units serve each apartment.
The property is located at 180 W 21ST STREET in Hialeah, Florida 33010, approximately 10 minutes from Miami International Airport. Major highways, stores, and businesses are nearby. The expansive lot provides parking for residents and guests, adding practical utility to the three-unit configuration.
The property is located at 180 W 21ST STREET in Hialeah, Florida 33010, approximately 10 minutes from Miami International Airport. Major highways, stores, and businesses are nearby. The expansive lot provides parking for residents and guests, adding practical utility to the three-unit configuration.
Key Highlights
- Three‑unit configuration with one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- 1,979 square feet on an expansive lot with parking for tenants and guests
- One 1‑bedroom unit renovated with luxury vinyl flooring and a marble‑tile bathroom
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
$28,447
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
4.78%
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%
$568,940
$568.9K
Cap Rate 7%
$406,386
$406.4K
Cap Rate 9%
$316,078
$316.1K
Market Conditions
NOI Build-Up for 1,979 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
$43.9K $22.20/SF
− Vacancy
−$3.3K −$1.67/SF
EGI
$40.6K $20.54/SF
− OpEx
−$12.2K −$6.16/SF
NOI
$28.4K $14.37/SF
Area
Hialeah, FL
Vacancy
7.50%
Lease Rate
$22.20 /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%
$568,940
Cap Rate 7%
$406,386
Cap Rate 9%
$316,078
Alternative Uses
Best Use
Multifamily LT 5
$406.4K
$355.6K – $474.1K
NOI $28,447 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$378.6K
$331.3K – $441.7K
NOI $26,501 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$778.9K
$681.6K – $908.8K
NOI $54,525 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,785
Businesses Nearby
Explore this area
Business Placement
Demographics for 33010, FL
43,902
Population
16,456
Households
2.7
Avg Household Size
48
Median Age
20%
College-Educated
71%
High-School Grad
4.3 sq mi
ZIP Area
10,210
Density / Sq Mi
$45,449
Median Household Income
$30,466
Median Earnings
$1,318
Median Rent
$346,500
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?
Triplex - Mixed unit layouts feature separate electric meters, window AC, and parking on an expansive lot.
Where is this triplex located?
The property is located at 180 W 21ST STREET Hialeah, FL.
What is the asking price?
The asking price for this property is $594,998.
What are key features of this property?
This property features: Three‑unit configuration with one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; 1,979 square feet on an expansive lot with parking for tenants and guests; One 1‑bedroom unit renovated with luxury vinyl flooring and a marble‑tile bathroom
