Historic Miami Springs Apartment
For Sale
$7,600,000
200 Azure Way, Miami Springs, FL 33166
Historic 23-unit apartment building in prime Miami Springs location.
Property Size17,154 SF
Lot Size0.53 Acres
Days on Market167
Property Features for 200 Azure Way
General Information
Standard status
Active
Size
17,154 SF
Lot size
0.53 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$49,525
Building Details
Building Size
17,154 SF
Year Built
1926
Stories
2
Listing Agency:
LoKation Real Estate
(786) 519-4467
Listed By:
Beatriz Acosta-Rubio · License #3122337
(786) 519-4467
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 24 at 7:41AM
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 LoKation Real Estate
Investment Insights
Based on property information with market context.
This historic 2-story V-shaped building, known as Azure, features 23 apartments arranged around a central courtyard enclosed by an irregular stucco wall. The property includes two 2-story wings and an additional 1-story building housing 5 studios. Azure exemplifies the Mission Revival architectural style, showcasing flat roofs, irregular parapets, towers with distinctive openings, prominent water spouts, Mission bell cote motifs, and rough-textured stucco finishes. The exterior maintains its historic 1926 charm following a full major renovation in 2014. Situated near the Golf Course, Miami Inter Airport, and Freedom Park Soccer Village stadium with 25,000 seats, it presents an opportunity in a prime location.
Key Highlights
- Seller financing available (70%)
- Prime location near Miami Springs Golf Course, Miami International Airport, and Freedom Park Soccer Village (25,000 seats)
- Historic 1926 Mission Revival architectural style
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
$263,817
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
3.47%
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%
$5,276,340
$5.3M
Cap Rate 7%
$3,768,814
$3.8M
Cap Rate 9%
$2,931,300
$2.9M
Market Conditions
NOI Build-Up for 17,154 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
$502.3K $29.28/SF
− Vacancy
−$22.6K −$1.32/SF
EGI
$479.7K $27.96/SF
− OpEx
−$215.9K −$12.58/SF
NOI
$263.8K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$5,276,340
Cap Rate 7%
$3,768,814
Cap Rate 9%
$2,931,300
Alternative Uses
Best Use
Apartment 5plus
$3.77M
$3.30M – $4.40M
NOI $263,817 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.70M
$7.62M – $10.15M
NOI $609,206 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,250
Businesses Nearby
Explore this area
Business Placement
Demographics for 33166, FL
26,106
Population
10,838
Households
2.4
Avg Household Size
41
Median Age
42%
College-Educated
83%
High-School Grad
7.9 sq mi
ZIP Area
3,305
Density / Sq Mi
$78,166
Median Household Income
$39,744
Median Earnings
$1,766
Median Rent
$489,200
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 - Historic 23-unit apartment building in prime Miami Springs location.
Where is this apartment building located?
The property is located at 200 Azure Way Miami Springs, FL.
What is the asking price?
The asking price for this property is $7,600,000.
What are key features of this property?
This property features: Seller financing available (70%); Prime location near Miami Springs Golf Course, Miami International Airport, and Freedom Park Soccer Village (25,000 seats); Historic 1926 Mission Revival architectural style
