5-Unit Apartment
New
For Sale
$849,000
2135 NW 1st Terrace, Miami, FL 33125
Three of the five units are leased, leaving two units currently unleased.
Property Size2,581 SF
Price / SF$398.03
Days on Market2
Property Features for 2135 NW 1st Terrace
General Information
Standard status
Active
Size
2,581 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
5700
Occupancy
60%
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$10,099
Building Details
Building Size
2,581 SF
Year Built
1952
Stories
1
Tenancy
Multi
Listing Agency:
The Hype Real Estate Group Corp
Listed By:
Raul A Pino · License #3423287
(786) 503-5583
Source:
Laerrealty
Added: Sep 22
Last Checked: Sep 22 at 1:45PM
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 Hype Real Estate Group Corp
Investment Insights
Based on property information with market context.
This apartment property contains five rental units, with three units leased and two units currently unleased. The building dates to 1952 and has a reported property size of 2,133.
Located at 2135 NW 1st Terrace in Miami, Florida 33125, the property offers an apartment configuration that may support both occupancy and owner use, subject to applicable requirements.
Located at 2135 NW 1st Terrace in Miami, Florida 33125, the property offers an apartment configuration that may support both occupancy and owner use, subject to applicable requirements.
Key Highlights
- Five rental units
- Three of five units are leased
- Two units are currently unleased
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
$39,404
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
4.64%
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%
$788,080
$788.1K
Cap Rate 7%
$562,914
$562.9K
Cap Rate 9%
$437,822
$437.8K
Market Conditions
NOI Build-Up for 2,133 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
$76.8K $36.00/SF
− Vacancy
−$5.1K −$2.41/SF
EGI
$71.6K $33.59/SF
− OpEx
−$32.2K −$15.11/SF
NOI
$39.4K $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%
$788,080
Cap Rate 7%
$562,914
Cap Rate 9%
$437,822
Alternative Uses
Best Use
Apartment 5plus
$562.9K
$492.6K – $656.7K
NOI $39,404 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,785 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
60%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,649
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three of the five units are leased, leaving two units currently unleased.
Where is this apartment building located?
The property is located at 2135 NW 1st Terrace Miami, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Five rental units; Three of five units are leased; Two units are currently unleased
