12-Unit Apartment
For Sale
$3,550,000
2900 West Flagler Street, Miami, FL 33135
Occupied multifamily property with private parking, central air, and on-site laundry.
Property Size6,414 SF
Price / SF$553.48
Days on Market739
Property Features for 2900 West Flagler Street
General Information
Standard status
Active
Size
6,414 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Occupancy
100%
Units
Multifamily Units
12
Parking per Unit
1
Additional Details
Gross Income
$263,328
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$30,913
Amenities
laundry
patio
central air conditioning
Building Details
Year Built
1946
Listing Agency:
Gabriela Rodino Group LLC
Listed By:
Gabriela Rodino · License #3375414
(305) 338-5355
Source:
Compass
Added: Aug 27, 2024
Changed: Sep 3
Last Checked: Sep 2 at 11:33PM
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 Gabriela Rodino Group LLC
Investment Insights
Based on property information with market context.
This 12-unit multifamily property in Miami contains 6,414 square feet and was built in 1946. Every unit is supported by an active lease, with individual central air-conditioning equipment and separate water and electric meters. The property also includes on-site laundry with recently updated coin-operated machines.
Parking is provided within the property perimeter, with a designated space for each unit. A patio adds shared outdoor space, while the combination of individually metered utilities, unit-level cooling, and existing leases provides a clearly defined operating setup.
Parking is provided within the property perimeter, with a designated space for each unit. A patio adds shared outdoor space, while the combination of individually metered utilities, unit-level cooling, and existing leases provides a clearly defined operating setup.
Key Highlights
- 12‑unit multifamily property with active leases on all units
- 6,414 square feet; built in 1946
- Individual water and electricity meters
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
$118,488
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
3.34%
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%
$2,369,760
$2.4M
Cap Rate 7%
$1,692,686
$1.7M
Cap Rate 9%
$1,316,533
$1.3M
Market Conditions
NOI Build-Up for 6,414 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
$230.9K $36.00/SF
− Vacancy
−$15.5K −$2.41/SF
EGI
$215.4K $33.59/SF
− OpEx
−$96.9K −$15.11/SF
NOI
$118.5K $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%
$2,369,760
Cap Rate 7%
$1,692,686
Cap Rate 9%
$1,316,533
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,488 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.33M
$3.79M – $5.05M
NOI $303,064 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,837
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Occupied multifamily property with private parking, central air, and on-site laundry.
Where is this apartment building located?
The property is located at 2900 West Flagler Street Miami, FL.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: 12‑unit multifamily property with active leases on all units; 6,414 square feet; built in 1946; Individual water and electricity meters
