Renovated 8-Unit Apartment
For Sale
Contact for pricing
321 SW 9 Ave, Miami, FL 33130
Updated interiors feature modern kitchens, upgraded bathrooms, central air conditioning, and new appliances.
Property Size5,944 SF
Price / SF$430.69
Days on Market33
Property Features for 321 SW 9 Ave
General Information
Standard status
Active
Size
5,944 SF
Class
B
Property subtype
Multifamily
Zoning
T4-R
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$151,603
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
central air conditioning
Building Details
Year Built
1927
Year Renovated
2024
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
The Corcoran Group Miami Beach
(772) 913-5401
Listed By:
Francisco Neri · License #FL-3529225
Source:
Crexi
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 29 at 3:47PM
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 The Corcoran Group Miami Beach
Investment Insights
Based on property information with market context.
Built in 1927, this 5,944-square-foot apartment property contains eight two-bedroom, one-bath units. Interior renovations include modern kitchens, upgraded bathrooms, central air conditioning, and new appliances, creating a consistent residential offering across the building. The property is zoned T4-R and is located in Little Havana at 321 SW 9 Ave, Miami, FL 33130.
The building sits three blocks from Calle Ocho, placing residents near Latin music venues, restaurants, cafes, and nightlife. Downtown Miami, Brickell, and the Miami River District are also identified as nearby connected destinations. Little Havana’s surrounding area includes ongoing restaurant, retail, and lifestyle development.
The building sits three blocks from Calle Ocho, placing residents near Latin music venues, restaurants, cafes, and nightlife. Downtown Miami, Brickell, and the Miami River District are also identified as nearby connected destinations. Little Havana’s surrounding area includes ongoing restaurant, retail, and lifestyle development.
Key Highlights
- 8‑unit apartment property with eight 2‑bedroom / 1‑bathroom units
- 5,944 SF building constructed in 1927
- Fully renovated interiors with modern kitchens and upgraded bathrooms
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
$109,806
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
4.29%
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%
$2,196,120
$2.2M
Cap Rate 7%
$1,568,657
$1.6M
Cap Rate 9%
$1,220,067
$1.2M
Market Conditions
NOI Build-Up for 5,944 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
$214.0K $36.00/SF
− Vacancy
−$14.3K −$2.41/SF
EGI
$199.6K $33.59/SF
− OpEx
−$89.8K −$15.11/SF
NOI
$109.8K $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%
$2,196,120
Cap Rate 7%
$1,568,657
Cap Rate 9%
$1,220,067
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,806 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.01M
$3.51M – $4.68M
NOI $280,857 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
3,822
Businesses Nearby
Explore this area
Business Placement
Demographics for 33130, FL
35,609
Population
20,377
Households
1.7
Avg Household Size
36
Median Age
42%
College-Educated
81%
High-School Grad
1.1 sq mi
ZIP Area
32,372
Density / Sq Mi
$57,933
Median Household Income
$36,888
Median Earnings
$1,656
Median Rent
$479,800
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 - Updated interiors feature modern kitchens, upgraded bathrooms, central air conditioning, and new appliances.
Where is this apartment building located?
The property is located at 321 SW 9 Ave Miami, FL.
What is the asking price?
The asking price for this property is $2,560,000.
What are key features of this property?
This property features: 8‑unit apartment property with eight 2‑bedroom / 1‑bathroom units; 5,944 SF building constructed in 1927; Fully renovated interiors with modern kitchens and upgraded bathrooms
