Renovated Multifamily Property in
For Sale
$1,650,000
Pending
2190 Southwest 14th Terrace, Miami, FL 33145
Fully renovated, 6-unit multifamily property in Miami's Shenandoah corridor.
Property Size3,290 SF
Days on Market108
Property Features for 2190 Southwest 14th Terrace
General Information
Standard status
Pending
Size
3,290 SF
Property subtype
Residential Income / Fourplex
Taxes and HOA fees
Annual Taxes
$15,900
Amenities
Electric, Zoned, Other
Window/Wall
2.0
Tile
2
Block
Shingle
No
Multi Family
Building Details
Year Built
1957
Listing Agency:
Compass Florida, LLC
(305) 632-7195
Listed By:
Jesse Spencer · License #3282789
(305) 632-7195
Source:
Compass
Added: May 13
Changed: Aug 23
Last Checked: Jul 25 at 5:37AM
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 in Miami's Shenandoah corridor, 2190 SW 14th Terrace is a fully renovated, turnkey, 100% leased 6-unit multifamily property. The property generates a stabilized in-place income of $132,000 annually, with all leases running through mid-2027. A comprehensive renovation in 2020 included a new roof, hurricane-rated impact windows and doors, individual mini-split HVAC (central AC in one unit), new electrical systems, perimeter fencing, a full interior renovation with new tile flooring, kitchens and bathrooms, coinless laundry (owned), and tankless water heaters. The unit mix consists of 2 studios, each approximately 450 square feet, and 4 one-bed/one-bath apartments, each approximately 600 square feet. Each unit has an assigned on-site parking space. The property is centrally positioned minutes from Brickell, the Health District, Coral Gables, Coconut Grove, and Calle Ocho. Shenandoah is at a higher elevation than Miami's coastal submarkets.
Key Highlights
- Fully renovated in 2020 with new roof, impact windows/doors, mini‑split HVAC (central AC in one unit), electrical, and interior finishes.
- 100% leased 6‑unit multifamily property providing stabilized in‑place income of $132,000 annually.**
- All leases run through mid‑2027.
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
$60,777
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
3.68%
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%
$1,215,540
$1.2M
Cap Rate 7%
$868,243
$868.2K
Cap Rate 9%
$675,300
$675.3K
Market Conditions
NOI Build-Up for 3,290 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
$118.4K $36.00/SF
− Vacancy
−$7.9K −$2.41/SF
EGI
$110.5K $33.59/SF
− OpEx
−$49.7K −$15.11/SF
NOI
$60.8K $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%
$1,215,540
Cap Rate 7%
$868,243
Cap Rate 9%
$675,300
Alternative Uses
Best Use
Apartment 5plus
$868.2K
$759.7K – $1.01M
NOI $60,777 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.22M
$1.94M – $2.59M
NOI $155,454 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,352
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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 - Fully renovated, 6-unit multifamily property in Miami's Shenandoah corridor.
Where is this apartment building located?
The property is located at 2190 Southwest 14th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Fully renovated in 2020 with **new roof, impact windows/doors, mini‑split HVAC (central AC in one unit), electrical, and interior finishes.**; 100% leased 6‑unit multifamily property providing stabilized in‑place income of $132,000 annually.**; All leases run through mid‑2027.
