Remodeled Fourplex Income
For Sale
$1,970,000
251 NW 57th Avenue, Miami, FL 33126
Completely remodeled four-plex with a new roof and furnishings and appliances included with the sale.
Property Size3,768 SF
Price / SF$522.82
Days on Market57
Property Features for 251 NW 57th Avenue
General Information
Standard status
Active
Size
3,768 SF
Property subtype
Quadruplex
Additional Details
Furnished
Yes
Multifamily Units
4
Building Details
Year Built
1960
Listing Agency:
Rejoice Realty Group, Inc.
(305) 207-5777
Listed By:
Abel Antonio Diaz Baracaldo · License #3403297
(786) 716-2254
Source:
Lehmannflorida
Added: Jul 21
Changed: Sep 14
Last Checked: Sep 14 at 7:40AM
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 Rejoice Realty Group, Inc.
Investment Insights
Based on property information with market context.
This fully remodeled four-plex includes four renovated units with modern finishes and updated details. A new roof with a 15-year warranty is part of the improvements. The sale also includes all current inventory, including furniture, appliances, decorative elements, and operating resources, allowing continued operation without interruption.
The property is currently generating monthly income with consistent occupancy and strong performance on short-term rental platforms. The offering includes rental flexibility for different arrangements, including options described as co-living and short-term rentals.
For buyers seeking a turnkey setup, this property is being sold with the included furnishings, appliances, and operating resources to support immediate continuation of operations.
The property is currently generating monthly income with consistent occupancy and strong performance on short-term rental platforms. The offering includes rental flexibility for different arrangements, including options described as co-living and short-term rentals.
For buyers seeking a turnkey setup, this property is being sold with the included furnishings, appliances, and operating resources to support immediate continuation of operations.
Key Highlights
- Completely remodeled four‑plex (4 units) with a new roof
- New roof includes a 15‑year warranty
- Each unit has been renovated with modern finishes
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
$75,569
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
3.84%
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%
$1,511,380
$1.5M
Cap Rate 7%
$1,079,557
$1.1M
Cap Rate 9%
$839,656
$839.7K
Market Conditions
NOI Build-Up for 3,768 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
$115.3K $30.60/SF
− Vacancy
−$7.3K −$1.95/SF
EGI
$108.0K $28.65/SF
− OpEx
−$32.4K −$8.60/SF
NOI
$75.6K $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%
$1,511,380
Cap Rate 7%
$1,079,557
Cap Rate 9%
$839,656
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$944.6K – $1.26M
NOI $75,569 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$994.4K
$870.1K – $1.16M
NOI $69,608 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$2.54M
$2.23M – $2.97M
NOI $178,040 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,692
Businesses Nearby
Explore this area
Business Placement
Demographics for 33126, FL
48,751
Population
19,725
Households
2.5
Avg Household Size
44
Median Age
28%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
9,028
Density / Sq Mi
$55,722
Median Household Income
$32,607
Median Earnings
$1,651
Median Rent
$299,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Completely remodeled four-plex with a new roof and furnishings and appliances included with the sale.
Where is this quadplex located?
The property is located at 251 NW 57th Avenue Miami, FL.
What is the asking price?
The asking price for this property is $1,970,000.
What are key features of this property?
This property features: Completely remodeled four‑plex (4 units) with a new roof; New roof includes a 15‑year warranty; Each unit has been renovated with modern finishes
