Miami Multifamily Investment
For Sale
$1,800,000
3191 SW 23rd St, Miami, FL 33145
Six-unit multifamily property in Miami with value-add potential.
Property Size4,452 SF
Lot Size0.17 Acres
Price / SF$404.31
Days on Market166
Property Features for 3191 SW 23rd St
General Information
Standard status
Active
Size
4,452 SF
Lot size
0.17 Acres
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$17,544
Building Details
Building Size
4,452 SF
Year Built
1969
Listing Agency:
1st Florida Homes
Listed By:
Hillevi Simon · License #3306526
(954) 989-4909
Source:
Allyandaj
Added: Mar 26
Changed: Aug 26
Last Checked: Sep 6 at 12:11PM
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 1st Florida Homes
Investment Insights
Based on property information with market context.
This six-unit multifamily property presents an investment opportunity in Miami, situated minutes from Coral Gables, Coconut Grove, and Downtown. The property, located on a 7,325 square foot lot, features a mix of two-bedroom, one-bath and one-bedroom, one-bath units. The property is fully occupied with long-term tenants, providing in-place income. Current rents are below market, suggesting potential for increased value through rent repositioning. Recent capital improvements include updated electrical panels, completion of the 40-year recertification, and installation of hurricane shutters. On-site parking is available, supplemented by street parking. The location provides access to major roadways, employment centers, and Miami International Airport. The property has a walk score of 90, indicating it is a 'Walker's Paradise'. The bike score is 59, indicating it is 'Bikeable'. The transit score is 47, indicating 'Some Transit' is available.
Key Highlights
- Prime multifamily investment opportunity in a high‑demand Miami location.
- Fully occupied with long‑term tenants, providing stable in‑place income.
- Significant value‑add potential through rent repositioning (current rents below market).
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
$82,244
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
4.57%
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%
$1,644,880
$1.6M
Cap Rate 7%
$1,174,914
$1.2M
Cap Rate 9%
$913,822
$913.8K
Market Conditions
NOI Build-Up for 4,452 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
$160.3K $36.00/SF
− Vacancy
−$10.7K −$2.41/SF
EGI
$149.5K $33.59/SF
− OpEx
−$67.3K −$15.11/SF
NOI
$82.2K $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%
$1,644,880
Cap Rate 7%
$1,174,914
Cap Rate 9%
$913,822
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,244 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.01M
$2.63M – $3.51M
NOI $210,359 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,301
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property in Miami with value-add potential.
Where is this apartment building located?
The property is located at 3191 SW 23rd St Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Prime multifamily investment opportunity in a high‑demand Miami location.; Fully occupied with long‑term tenants, providing stable in‑place income.; Significant value‑add potential through rent repositioning (current rents below market).
