10-Unit Multifamily Apartment
For Sale
$1,890,000
1880 NW 36th St, Miami, FL 33142
Partially renovated multifamily property with individually metered units and dedicated parking for each residence.
Property Size5,500 SF
Days on Market9
Property Features for 1880 NW 36th St
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Commercial
Building Details
Building Size
5,500 SF
Year Built
1973
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 9:00AM
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 10-unit apartment property at 1880 NW 36th Street in Miami includes four two-bedroom, one-bath residences of approximately 750 square feet each, along with six one-bedroom, one-bath residences. Eight units have been renovated, and each apartment is separately metered for electric service. The property provides one dedicated parking space per unit.
The building was constructed in 1973 and is zoned T6-8O, with capacity for up to 49 units through future redevelopment. It is also situated within a designated Opportunity Zone. The property is near Miami International Airport, Marlins Park, supermarkets, public transit, and major expressways. Walk Score is 68, Transit Score is 60, and Bike Score is 53.
The building was constructed in 1973 and is zoned T6-8O, with capacity for up to 49 units through future redevelopment. It is also situated within a designated Opportunity Zone. The property is near Miami International Airport, Marlins Park, supermarkets, public transit, and major expressways. Walk Score is 68, Transit Score is 60, and Bike Score is 53.
Key Highlights
- 10‑unit apartment property with four 2‑bedroom and six 1‑bedroom residences
- Four 2‑bedroom/1‑bathroom units are approximately 750 sq. ft. each
- 80% of units have been renovated
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
$101,604
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
5.38%
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%
$2,032,080
$2.0M
Cap Rate 7%
$1,451,486
$1.5M
Cap Rate 9%
$1,128,933
$1.1M
Market Conditions
NOI Build-Up for 5,500 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
$198.0K $36.00/SF
− Vacancy
−$13.3K −$2.41/SF
EGI
$184.7K $33.59/SF
− OpEx
−$83.1K −$15.11/SF
NOI
$101.6K $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%
$2,032,080
Cap Rate 7%
$1,451,486
Cap Rate 9%
$1,128,933
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,604 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.71M
$3.25M – $4.33M
NOI $259,877 @ 7.0% cap · market cap 13.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,370
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Partially renovated multifamily property with individually metered units and dedicated parking for each residence.
Where is this apartment building located?
The property is located at 1880 NW 36th St Miami, FL.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: 10‑unit apartment property with four 2‑bedroom and six 1‑bedroom residences; Four 2‑bedroom/1‑bathroom units are approximately 750 sq. ft. each; 80% of units have been renovated
