Courtyard Apartment
For Sale
$7,600,000
200 Azure Way, Miami Springs, FL 33166
Residential Income, Miami Springs, FL
Property Size16,826 SF
Price / SF$451.68
Days on Market58
Property Features for 200 Azure Way
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3700
Parking
23
Patio and Porch features
Patio
Exterior features
Barbecue, Lighting, Patio
Subdivision
COUNTRY CLUB ESTATES SEC
Lot features
< 1/4 Acre
Standard status
Active
APN
05-30-24-006-2210
Size
16,826 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
18-19 53 41 .45 AC PB 28-11 COUNTRY CLUB ESTS AMD PL SEC 1 ALL BLK 81 LOT SIZE IRREGULAR COC 24087-0808 12 2005 1
Tax Annual Amount
47523
Legal Description
18-19 53 41 .45 AC PB 28-11 COUNTRY CLUB ESTS AMD PL SEC 1 ALL BLK 81 LOT SIZE IRREGULAR COC 24087-0808 12 2005 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace, Electric (Heating)
Cooling system
Window Unit(s), Electric, Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Built-Up
Architectural style
Other
Listing Agency:
Lokation
(954) 545-5583
Listed By:
Beatriz Acosta-Rubio · License #3122337
(786) 519-4467
Added: Jul 18
Changed: Sep 13
Last Checked: Sep 13 at 6:06AM
MLS# A11751819
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property contains 23 residences arranged around a central courtyard. The layout includes two-story wings along with a separate one-story structure containing 5 studios. A major renovation was completed in 2014, while the buildings retain Mission Revival design elements such as textured stucco, irregular parapets, towers, and bell cote motifs. The 16,826-square-foot property also includes patios, barbecue features, lighting, ceramic tile flooring, built-up roofing, and block construction.
Located at 200 Azure Way in Miami Springs, the property is near a golf course, Miami Inter Airport, and Freedom Park Soccer Village stadium. Public water and sewer serve the site, with cable available. Heating and cooling are provided through electric systems, wall furnaces, and wall or window units.
Located at 200 Azure Way in Miami Springs, the property is near a golf course, Miami Inter Airport, and Freedom Park Soccer Village stadium. Public water and sewer serve the site, with cable available. Heating and cooling are provided through electric systems, wall furnaces, and wall or window units.
Key Highlights
- 23 apartments arranged around a central courtyard
- Separate one‑story building includes 5 studios
- Major renovation completed in 2014
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
$258,772
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
3.40%
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%
$5,175,440
$5.2M
Cap Rate 7%
$3,696,743
$3.7M
Cap Rate 9%
$2,875,244
$2.9M
Market Conditions
NOI Build-Up for 16,826 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
$492.7K $29.28/SF
− Vacancy
−$22.2K −$1.32/SF
EGI
$470.5K $27.96/SF
− OpEx
−$211.7K −$12.58/SF
NOI
$258.8K $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%
$5,175,440
Cap Rate 7%
$3,696,743
Cap Rate 9%
$2,875,244
Alternative Uses
Best Use
Apartment 5plus
$3.70M
$3.23M – $4.31M
NOI $258,772 @ 7.0% cap · market cap 3.40%
Second Best
Hotel Hospitality
$2.17M
$1.90M – $2.53M
NOI $151,919 @ 7.0% cap · market cap 2.00%
Theoretical Best
Office A
$8.54M
$7.47M – $9.96M
NOI $597,558 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
23
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Renovated multifamily property with courtyard-oriented buildings, studio units, patios, and public utilities in Miami Springs.
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: 23 apartments arranged around a central courtyard; Separate one‑story building includes 5 studios; Major renovation completed in 2014
