Multifamily Development Parcel for 2–9
For Sale
$975,000
2619 Southwest 5th Street, Miami, FL 33135
Existing 4/4 multi-family home with land approval for development between 2 and 9 units.
Property Size2,582 SF
Price / SF$377.61
Days on Market467
Property Features for 2619 Southwest 5th Street
General Information
Standard status
Active
Size
2,582 SF
Property subtype
Residential Income / Duplex
Taxes and HOA fees
Annual Taxes
$9,739
Amenities
Central Air
Central
2.0
Ceramic Tile, Laminate, Tile, Wood
2
3
Block
Shingle
Fenced
No
Duplex
Building Details
Year Built
1925
Listing Agency:
Coldwell Banker Realty
Listed By:
Sergio Velarde · License #3436809
(305) 281-2262
Source:
Compass
Added: May 27, 2025
Changed: Aug 8
Last Checked: Jul 28 at 1:34PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
For sale, this 4/4 multi-family home sits on a land parcel zoned and approved for development between 2 and 9 units. The property presents an opportunity to live in the existing layout while planning for redevelopment possibilities on the same site.
The address is 2619 Southwest 5th Street in Miami, with remarks noting the site is in the center of Miami for easy access in multiple directions.
As a land-zoned, multi-unit approved parcel with an existing 4/4 structure, this property may be a practical fit for buyers evaluating redevelopment scope and an approach centered on changing the site capacity within the approved unit range.
The address is 2619 Southwest 5th Street in Miami, with remarks noting the site is in the center of Miami for easy access in multiple directions.
As a land-zoned, multi-unit approved parcel with an existing 4/4 structure, this property may be a practical fit for buyers evaluating redevelopment scope and an approach centered on changing the site capacity within the approved unit range.
Key Highlights
- 4/4 existing multifamily home built in 1925
- Land zoned approved for development between 2 and 9 units
- Designed to support multiple strategies including living, flipping, renting, or AirBnB
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
$51,783
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
5.31%
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%
$1,035,660
$1.0M
Cap Rate 7%
$739,757
$739.8K
Cap Rate 9%
$575,367
$575.4K
Market Conditions
NOI Build-Up for 2,582 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
$79.0K $30.60/SF
− Vacancy
−$5.0K −$1.95/SF
EGI
$74.0K $28.65/SF
− OpEx
−$22.2K −$8.60/SF
NOI
$51.8K $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%
$1,035,660
Cap Rate 7%
$739,757
Cap Rate 9%
$575,367
Alternative Uses
Best Use
Multifamily LT 5
$739.8K
$647.3K – $863.1K
NOI $51,783 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$681.4K
$596.2K – $795.0K
NOI $47,698 @ 7.0% cap · market cap 4.89%
Theoretical Best
Specialty Retail
$1.74M
$1.53M – $2.03M
NOI $122,001 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,100
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Existing 4/4 multi-family home with land approval for development between 2 and 9 units.
Where is this quadplex located?
The property is located at 2619 Southwest 5th Street Miami, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 4/4 existing multifamily home built in 1925; Land zoned approved for development between 2 and 9 units; Designed to support multiple strategies including living, flipping, renting, or AirBnB
