4-Unit Single-Story
For Sale
$629,000
2052 Washington Avenue Opa-Locka, Opa Locka, FL 33054
Legal apartments are fully occupied and separately metered for electricity.
Property Size2,189 SF
Days on Market13
Property Features for 2052 Washington Avenue Opa-Locka
General Information
Standard status
Active
Size
2,189 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$13,568
Building Details
Building Size
2,189 SF
Year Built
1959
Listing Agency:
The R E Experts of South Fla
(786) 299-1575
Listed By:
Alicia R Hayes · License #0675996
(786) 299-1575
Source:
Silverleafrealtygroup
Added: Jul 30
Changed: Aug 9
Last Checked: Aug 11 at 1:12PM
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 The R E Experts of South Fla
Investment Insights
Based on property information with market context.
Constructed in 1959, this single-story quadplex contains four legal apartments and is currently fully occupied. The configuration includes three 1-bedroom, 1-bath units and one larger 2-bedroom, 1-bath residence, providing a defined mix within the building.
Each apartment has a separate electric meter. Parking includes five dedicated on-site spaces, along with additional off-street parking. The property is located on Washington Avenue in Opa-Locka, Florida, with the existing layout, occupancy, utility metering, and parking features providing a clear overview of the asset’s current configuration.
Each apartment has a separate electric meter. Parking includes five dedicated on-site spaces, along with additional off-street parking. The property is located on Washington Avenue in Opa-Locka, Florida, with the existing layout, occupancy, utility metering, and parking features providing a clear overview of the asset’s current configuration.
Key Highlights
- Four legal units, all currently occupied
- Unit mix includes three 1‑bed/1‑bath apartments and one 2‑bed/1‑bath apartment
- Separate electric metering for each unit
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
$43,902
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
6.98%
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%
$878,040
$878.0K
Cap Rate 7%
$627,171
$627.2K
Cap Rate 9%
$487,800
$487.8K
Market Conditions
NOI Build-Up for 2,189 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
$67.0K $30.60/SF
− Vacancy
−$4.3K −$1.95/SF
EGI
$62.7K $28.65/SF
− OpEx
−$18.8K −$8.60/SF
NOI
$43.9K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$878,040
Cap Rate 7%
$627,171
Cap Rate 9%
$487,800
Alternative Uses
Best Use
Multifamily LT 5
$627.2K
$548.8K – $731.7K
NOI $43,902 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$577.7K
$505.5K – $674.0K
NOI $40,438 @ 7.0% cap · market cap 6.43%
Theoretical Best
Specialty Retail
$1.48M
$1.29M – $1.72M
NOI $103,431 @ 7.0% cap · market cap 16.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Explore this area
Business Placement
Demographics for 33054, FL
30,352
Population
10,263
Households
3
Avg Household Size
37
Median Age
10%
College-Educated
75%
High-School Grad
8.4 sq mi
ZIP Area
3,613
Density / Sq Mi
$42,779
Median Household Income
$31,147
Median Earnings
$1,346
Median Rent
$291,700
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?
Quadplex - Legal apartments are fully occupied and separately metered for electricity.
Where is this quadplex located?
The property is located at 2052 Washington Avenue Opa-Locka Opa Locka, FL.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Four legal units, all currently occupied; Unit mix includes three 1‑bed/1‑bath apartments and one 2‑bed/1‑bath apartment; Separate electric metering for each unit
