6-Unit Apartment Building Fully
For Sale
$1,650,000
2190 SW 14th Ter, Miami, FL 33145
MULTI_FAMILY - Other - Miami, FL
Property Size3,290 SF
Price / SF$501.52
Days on Market21
Property Features for 2190 SW 14th Ter
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Bedrooms
1
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bathroom 2
Parking
6
Subdivision
WESTMOOR
Lot features
< 1/4 Acre
Standard status
Active
APN
01-41-10-059-0311
Size
3,290 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WESTMOOR PB 16-13 LOT 3 LESS W5FT FOR R/W BLK 4 LOT SIZE 46 X 103 OR 14648-1868 0790 1 COC 26159-0883 12 2007 1
Tax Annual Amount
15900
Legal Description
WESTMOOR PB 16-13 LOT 3 LESS W5FT FOR R/W BLK 4 LOT SIZE 46 X 103 OR 14648-1868 0790 1 COC 26159-0883 12 2007 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Zoned, Electric
Amenities
coinless laundry
Building Details
Year built
1957
Floors in Building
2
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
Compass Florida, LLC
(305) 851-2820
Listed By:
Jesse Spencer · License #3282789
(305) 632-7195
Added: Jul 18
Changed: Aug 2
Last Checked: Aug 7 at 12:06AM
MLS# A12018760
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.
Introducing 2190 SW 14th Ter, a fully renovated, turnkey 6-unit multifamily in Miami’s Shenandoah corridor. The property is block construction with a shingle roof and tile flooring. Built in 1957, it has been substantially updated under a comprehensive 2020 renovation that included a new roof, hurricane-rated impact windows and doors, new electrical, and perimeter fencing.
Interior upgrades include a full gut with new tile flooring, refreshed kitchens and bathrooms, coinless laundry (owned), and tankless water heaters. Each unit is served by individual mini-split HVAC (central AC in one unit). The unit mix consists of 2 studios (approx. 450 SF) and 4 one-bed/one-bath apartments (approx. 600 SF), and each unit has an assigned on-site parking space.
The property is fully leased, with all leases running through mid-2027, and sits centrally a short drive from Brickell, the Health District, Coral Gables, Coconut Grove, and Calle Ocho. Cable is available and the building is served by public sewer.
Interior upgrades include a full gut with new tile flooring, refreshed kitchens and bathrooms, coinless laundry (owned), and tankless water heaters. Each unit is served by individual mini-split HVAC (central AC in one unit). The unit mix consists of 2 studios (approx. 450 SF) and 4 one-bed/one-bath apartments (approx. 600 SF), and each unit has an assigned on-site parking space.
The property is fully leased, with all leases running through mid-2027, and sits centrally a short drive from Brickell, the Health District, Coral Gables, Coconut Grove, and Calle Ocho. Cable is available and the building is served by public sewer.
Key Highlights
- 6‑unit multifamily with all leases running through mid‑2027
- Comprehensive 2020 renovation: new roof and hurricane‑rated impact windows and doors
- 2 studios (approx. 450 SF) and 4 one‑bed/one‑bath units (approx. 600 SF)
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
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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 with a two-studio and four one-bedroom mix and assigned on-site parking spaces.
Where is this apartment building located?
The property is located at 2190 SW 14th Ter 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: 6‑unit multifamily with all leases running through mid‑2027; Comprehensive 2020 renovation: new roof and hurricane‑rated impact windows and doors; 2 studios (approx. 450 SF) and 4 one‑bed/one‑bath units (approx. 600 SF)
