6-Unit Apartment
For Sale
$1,580,000
3191 SW 23rd St, Miami, FL 33145
The occupied property offers a mix of one- and two-bedroom residences with on-site parking.
Property Size4,452 SF
Lot Size0.17 Acres
Days on Market8
Property Features for 3191 SW 23rd St
General Information
Standard status
Active
Size
4,452 SF
Lot size
0.17 Acres
Property subtype
Quadruplex
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$17,544
Amenities
hurricane shutters
Building Details
Building Size
4,452 SF
Year Built
1969
Tenancy
Multi
Listing Agency:
1st Florida Homes
Listed By:
Hillevi Simon · License #3306526
(954) 989-4909
Source:
Luxeknows
Added: Sep 26
Changed: Sep 29
Last Checked: Oct 1 at 6:22PM
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 6-unit apartment property contains a mix of 1-bedroom/1-bath and 2-bedroom/1-bath residences. Built in 1969, the 4,452-square-foot building sits on a 7,325-square-foot lot. Improvements include updated electrical panels, hurricane shutters, and completion of a 40-year recertification. On-site parking is available, with additional street parking nearby.
At 3191 SW 23rd Street in Miami, the property has immediate access to major roadways, employment centers, and Miami International Airport. Coral Gables, Coconut Grove, and Downtown Miami are also described as nearby destinations.
At 3191 SW 23rd Street in Miami, the property has immediate access to major roadways, employment centers, and Miami International Airport. Coral Gables, Coconut Grove, and Downtown Miami are also described as nearby destinations.
Key Highlights
- 6 apartment units with a mix of 1‑bedroom/1‑bath and 2‑bedroom/1‑bath layouts
- 4,452‑square‑foot building on a 7,325‑square‑foot lot
- Built in 1969; 40‑year recertification completed
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
5.21%
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 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.01M
$2.63M – $3.51M
NOI $210,359 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
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
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 - The occupied property offers a mix of one- and two-bedroom residences with on-site parking.
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 $1,580,000.
What are key features of this property?
This property features: 6 apartment units with a mix of 1‑bedroom/1‑bath and 2‑bedroom/1‑bath layouts; 4,452‑square‑foot building on a 7,325‑square‑foot lot; Built in 1969; 40‑year recertification completed
