Six-Unit Multifamily Across Three
For Sale
Contact for pricing
192 W 33 ST, Hialeah, FL 33012
Small multifamily with six units across three buildings, currently fully occupied, on a 17,285 SF lot.
Property Size3,997 SF
Lot Size0.40 Acres
Price / SF$340.26
Days on Market74
Property Features for 192 W 33 ST
General Information
Standard status
Active
Size
3,997 SF
Class
C
Lot size
0.40 Acres
Property subtype
Multifamily
Zoning
R-3, R-3-5
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$95,585
Additional Details
Cap Rate
7.03%
Multifamily Units
6
Building Details
Year Built
1960
Year Renovated
2026
Buildings
3
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Premier Properties
(305) 790-6125
Listed By:
Jorge Ruiz · License #3220355
Source:
Crexi
Added: Jun 18
Changed: Aug 20
Last Checked: Aug 28 at 9:07PM
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 Premier Properties
Investment Insights
Based on property information with market context.
This six-unit multifamily property totals 3,997 square feet across three residential buildings. The offering is located on a 17,285 square foot lot and is currently 100% occupied, providing immediate in-place income across the units.
The property is offered for sale at 192 W 33 ST in Hialeah, Florida. It is presented as a cohesive small-balance asset with multiple building structures rather than a single consolidated building footprint.
For investors or buyers seeking a smaller multifamily holding, the current tenancy status and unit mix can appeal to those looking to manage an occupied asset from day one. The seller’s materials highlight a 7.03% cap rate and describe the opportunity to increase returns through market rent increases, citing below-market rents as the primary driver of potential value creation. Overall, it is positioned as a value-add investment within the South Florida market, based on the stated occupancy and rental-rate considerations.
The property is offered for sale at 192 W 33 ST in Hialeah, Florida. It is presented as a cohesive small-balance asset with multiple building structures rather than a single consolidated building footprint.
For investors or buyers seeking a smaller multifamily holding, the current tenancy status and unit mix can appeal to those looking to manage an occupied asset from day one. The seller’s materials highlight a 7.03% cap rate and describe the opportunity to increase returns through market rent increases, citing below-market rents as the primary driver of potential value creation. Overall, it is positioned as a value-add investment within the South Florida market, based on the stated occupancy and rental-rate considerations.
Key Highlights
- Multifamily property with 6 residential units totaling 3,997 SF across three buildings
- 17,285 SF lot
- Currently 100% occupied
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
$53,524
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
3.94%
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%
$1,070,480
$1.1M
Cap Rate 7%
$764,629
$764.6K
Cap Rate 9%
$594,711
$594.7K
Market Conditions
NOI Build-Up for 3,997 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
$104.1K $26.04/SF
− Vacancy
−$6.8K −$1.69/SF
EGI
$97.3K $24.35/SF
− OpEx
−$43.8K −$10.96/SF
NOI
$53.5K $13.39/SF
Area
Hialeah, FL
Vacancy
6.50%
Lease Rate
$26.04 /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%
$1,070,480
Cap Rate 7%
$764,629
Cap Rate 9%
$594,711
Alternative Uses
Best Use
Apartment 5plus
$764.6K
$669.1K – $892.1K
NOI $53,524 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.38M – $1.84M
NOI $110,125 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,501
Businesses Nearby
Explore this area
Business Placement
Demographics for 33012, FL
70,260
Population
25,923
Households
2.7
Avg Household Size
48
Median Age
18%
College-Educated
72%
High-School Grad
5.9 sq mi
ZIP Area
11,908
Density / Sq Mi
$45,818
Median Household Income
$32,039
Median Earnings
$1,562
Median Rent
$355,600
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?
Apartment building - Small multifamily with six units across three buildings, currently fully occupied, on a 17,285 SF lot.
Where is this apartment building located?
The property is located at 192 W 33 ST Hialeah, FL.
What is the asking price?
The asking price for this property is $1,360,000.
What are key features of this property?
This property features: Multifamily property with 6 residential units totaling 3,997 SF across three buildings; 17,285 SF lot; Currently 100% occupied
