Renovated 12-Unit Apartment
For Sale
$2,400,000
2028 SW 6th St, Miami, FL 33135
Updated kitchens, baths, electrical, and plumbing systems support contemporary multifamily occupancy.
Property Size6,400 SF
Price / SF$375
Days on Market390
Property Features for 2028 SW 6th St
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$28,556
Amenities
3
Building Details
Year Built
1926
Listing Agency:
Compass Florida, LLC.
(305) 281-4469
Listed By:
Alessandro Lima · License #3404498
(305) 281-4469
Source:
Xome
Added: Aug 8, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:31PM
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 Compass Florida, LLC.
Investment Insights
Based on property information with market context.
Located at 2028 SW 6th St in Miami, this 12-unit apartment property contains 6,400 SF and dates to 1926. Extensive renovation work introduced modern finishes, refreshed kitchens and bathrooms, and upgraded electrical and plumbing systems throughout the building.
The property sits a short distance from SW 8th Street, known locally as Calle Ocho, and is minutes from Brickell, Downtown Miami, and the Health District. Its central Miami setting places residents near several established employment, cultural, and urban activity centers.
The property sits a short distance from SW 8th Street, known locally as Calle Ocho, and is minutes from Brickell, Downtown Miami, and the Health District. Its central Miami setting places residents near several established employment, cultural, and urban activity centers.
Key Highlights
- 12‑unit multifamily property
- 6,400 SF building with 12 residential units
- Renovated with modern finishes, updated kitchens, and refreshed bathrooms
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
$118,230
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
4.93%
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%
$2,364,600
$2.4M
Cap Rate 7%
$1,689,000
$1.7M
Cap Rate 9%
$1,313,667
$1.3M
Market Conditions
NOI Build-Up for 6,400 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
$230.4K $36.00/SF
− Vacancy
−$15.4K −$2.41/SF
EGI
$215.0K $33.59/SF
− OpEx
−$96.7K −$15.11/SF
NOI
$118.2K $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%
$2,364,600
Cap Rate 7%
$1,689,000
Cap Rate 9%
$1,313,667
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,230 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.32M
$3.78M – $5.04M
NOI $302,403 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,642
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Updated kitchens, baths, electrical, and plumbing systems support contemporary multifamily occupancy.
Where is this apartment building located?
The property is located at 2028 SW 6th St Miami, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 12‑unit multifamily property; 6,400 SF building with 12 residential units; Renovated with modern finishes, updated kitchens, and refreshed bathrooms
