21-Unit Apartment
New
For Sale
$5,145,000
220 SW 18th Ave, Miami, FL 33135
A consistent one-bedroom layout is paired with impact windows and a completed building recertification.
Property Size9,918 SF
Price / SF$518.75
Days on Market4
Property Features for 220 SW 18th Ave
General Information
Standard status
Active
Size
9,918 SF
Property subtype
Income/MultiFamily
Occupancy
100%
Financials
Asking Price
$5,145,000
Cap Rate
7.03%
Gross Income
$439,788
Units
Unit Mix
21 x 1BR/1BA
Multifamily Units
21
Building Details
Building Size
9,918 SF
Year Built
1960
Buildings
1
Tenancy
Multi
Listing Agency:
APEX Capital Realty LLC
Listed By:
Miguel Pinto · License #3313310
(305) 570-2600
Source:
Marcelosteinmander
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 9:31AM
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 APEX Capital Realty LLC
Investment Insights
Based on property information with market context.
This 9,918-square-foot apartment building contains 21 one-bedroom, one-bathroom residences. Built in 1960, the property has impact windows and completed its 40/50-Year Recertification in 2020. All 21 apartments are occupied, with a reported current occupancy of 100%.
The building is at 220 SW 18th Ave in Miami, just off West Flagler Street. Calle Ocho, loanDepot park, Downtown Miami, and Brickell are identified as nearby destinations.
The building is at 220 SW 18th Ave in Miami, just off West Flagler Street. Calle Ocho, loanDepot park, Downtown Miami, and Brickell are identified as nearby destinations.
Key Highlights
- 21 one‑bedroom, one‑bathroom apartments
- 9,918 SF building constructed in 1960
- 100% occupancy
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
$183,219
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
3.56%
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%
$3,664,380
$3.7M
Cap Rate 7%
$2,617,414
$2.6M
Cap Rate 9%
$2,035,767
$2.0M
Market Conditions
NOI Build-Up for 9,918 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
$357.0K $36.00/SF
− Vacancy
−$23.9K −$2.41/SF
EGI
$333.1K $33.59/SF
− OpEx
−$149.9K −$15.11/SF
NOI
$183.2K $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%
$3,664,380
Cap Rate 7%
$2,617,414
Cap Rate 9%
$2,035,767
Alternative Uses
Best Use
Apartment 5plus
$2.62M
$2.29M – $3.05M
NOI $183,219 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.69M
$5.86M – $7.81M
NOI $468,630 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
21
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,178
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
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 - A consistent one-bedroom layout is paired with impact windows and a completed building recertification.
Where is this apartment building located?
The property is located at 220 SW 18th Ave Miami, FL.
What is the asking price?
The asking price for this property is $5,145,000.
What are key features of this property?
This property features: 21 one‑bedroom, one‑bathroom apartments; 9,918 SF building constructed in 1960; 100% occupancy
