6-Unit Multifamily Apartment
For Sale
$1,170,000
1867 NW 35th St 1 2 3 4 5 6, Miami, FL 33142
Renovated multifamily property with separately metered residences and dedicated parking for each unit.
Property Size4,500 SF
Days on Market9
Property Features for 1867 NW 35th St 1 2 3 4 5 6
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
T6-8O
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Parking per Unit
1
Additional Details
Opportunity Zone
Yes
Building Details
Building Size
4,500 SF
Year Built
1972
Stories
2
Listing Agency:
Habitat Realty LLC
Listed By:
Javier Gomez
(786) 273-6643
Source:
Elliman
Added: Sep 12
Changed: Sep 18
Last Checked: Sep 20 at 9:19AM
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 Habitat Realty LLC
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains six separate residences, each offering 2 bedrooms, 1 bathroom, and approximately 750 square feet. Four-fifths of the units have been renovated, and each residence is served by its own electric meter. Dedicated parking is provided for every unit.
The property is located in Allapattah at 1867 NW 35th Street in Miami, near Miami International Airport, Marlins Stadium, multiple supermarkets, public transportation, expressways, and major highways. WalkScore is 68, TransitScore is 60, and BikeScore is 53.
The site carries T6-8O zoning and is identified as having the capacity for future development totaling 26 units.
The property is located in Allapattah at 1867 NW 35th Street in Miami, near Miami International Airport, Marlins Stadium, multiple supermarkets, public transportation, expressways, and major highways. WalkScore is 68, TransitScore is 60, and BikeScore is 53.
The site carries T6-8O zoning and is identified as having the capacity for future development totaling 26 units.
Key Highlights
- Six 2‑bedroom, 1‑bathroom units, each approximately 750 square feet
- 80% of the units have been renovated
- Separate electric meters serve all 6 units
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
$83,130
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
7.11%
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%
$1,662,600
$1.7M
Cap Rate 7%
$1,187,571
$1.2M
Cap Rate 9%
$923,667
$923.7K
Market Conditions
NOI Build-Up for 4,500 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
$162.0K $36.00/SF
− Vacancy
−$10.9K −$2.41/SF
EGI
$151.1K $33.59/SF
− OpEx
−$68.0K −$15.11/SF
NOI
$83.1K $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%
$1,662,600
Cap Rate 7%
$1,187,571
Cap Rate 9%
$923,667
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,130 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.04M
$2.66M – $3.54M
NOI $212,627 @ 7.0% cap · market cap 18.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,090
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?
Apartment building - Renovated multifamily property with separately metered residences and dedicated parking for each unit.
Where is this apartment building located?
The property is located at 1867 NW 35th St 1 2 3 4 5 6 Miami, FL.
What is the asking price?
The asking price for this property is $1,170,000.
What are key features of this property?
This property features: Six 2‑bedroom, 1‑bathroom units, each approximately 750 square feet; 80% of the units have been renovated; Separate electric meters serve all 6 units
