Updated Four-Unit
For Sale
$1,350,000
1865 Northwest 16th Street, Miami, FL 33125
Updated interiors, private outdoor areas, gated access, and off-street parking support this income-producing residential property.
Property Size2,638 SF
Price / SF$511.75
Days on Market772
Property Features for 1865 Northwest 16th Street
General Information
Standard status
Active
Size
2,638 SF
Property subtype
Multi-Family Income / Fourplex
Taxes and HOA fees
Annual Taxes
$14,046
Building Details
Year Built
1925
Listing Agency:
Keter Estates LLC
Listed By:
Erica Mizrahi · License #3239938
(305) 761-1612
Source:
Compass
Added: Jul 27, 2024
Changed: Aug 31
Last Checked: Aug 30 at 4:40AM
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 Keter Estates LLC
Investment Insights
Based on property information with market context.
Built in 1925, this 2,638-square-foot quadplex contains four residential units with updated air-conditioning systems, flooring, bathrooms, and kitchens. Each unit includes a private patio or balcony. The property also features a roof replaced in 2019, four electric meters, one water meter, off-street parking, and a fenced, gated site.
The building is located three blocks from the Miami River in Miami’s Allapattah area, with access to I-395, I-195, I-95, Downtown, Brickell, Midtown, Wynwood, and Miami International Airport. Its combination of multiple units, separately metered electricity, and updated building components provides a straightforward multifamily configuration.
The building is located three blocks from the Miami River in Miami’s Allapattah area, with access to I-395, I-195, I-95, Downtown, Brickell, Midtown, Wynwood, and Miami International Airport. Its combination of multiple units, separately metered electricity, and updated building components provides a straightforward multifamily configuration.
Key Highlights
- Four‑unit quadplex totaling 2,638 square feet
- Four electric meters and one water meter
- Roof replaced in 2019
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
$52,907
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
3.92%
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%
$1,058,140
$1.1M
Cap Rate 7%
$755,814
$755.8K
Cap Rate 9%
$587,856
$587.9K
Market Conditions
NOI Build-Up for 2,638 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
$80.7K $30.60/SF
− Vacancy
−$5.1K −$1.95/SF
EGI
$75.6K $28.65/SF
− OpEx
−$22.7K −$8.60/SF
NOI
$52.9K $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%
$1,058,140
Cap Rate 7%
$755,814
Cap Rate 9%
$587,856
Alternative Uses
Best Use
Multifamily LT 5
$755.8K
$661.3K – $881.8K
NOI $52,907 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$696.2K
$609.2K – $812.2K
NOI $48,733 @ 7.0% cap · market cap 3.61%
Theoretical Best
Specialty Retail
$1.78M
$1.56M – $2.08M
NOI $124,647 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,803
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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 - Updated interiors, private outdoor areas, gated access, and off-street parking support this income-producing residential property.
Where is this quadplex located?
The property is located at 1865 Northwest 16th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 2,638 square feet; Four electric meters and one water meter; Roof replaced in 2019
