Renovated Eight-Unit Apartment
For Sale
$2,200,000
412 SW 10th Ave, Miami, FL 33130
Updated multifamily property with one-bedroom residences, impact windows, modernized systems, and a newer roof.
Property Size6,000 SF
Days on Market11
Property Features for 412 SW 10th Ave
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Income/MultiFamily
Zoning
T4 R
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Public Transit
Yes
Building Details
Building Size
6,000 SF
Year Built
1925
Listing Agency:
Fortune Christie's Intl R.E.
(305) 761-6555
Listed By:
Gino Torrente · License #3592899
Source:
Miamibrokersgroup
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 26 at 1:00PM
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 Fortune Christie's Intl R.E.
Investment Insights
Based on property information with market context.
Built in 1925, this multifamily property contains eight one-bedroom, one-bathroom residences. Recent improvements include impact windows, updated plumbing and electrical systems, a newer roof, and completion of a 40 year recertification.
The property is located at 412 SW 10th Ave in Miami’s Little Havana area, near Calle Ocho and within minutes of Brickell, Downtown Miami, LoanDepot Park, dining, shopping, and major transportation routes. T4 R zoning applies to the property. WalkScore is 98, TransitScore is 89, and bikeScore is 80.
The property is located at 412 SW 10th Ave in Miami’s Little Havana area, near Calle Ocho and within minutes of Brickell, Downtown Miami, LoanDepot Park, dining, shopping, and major transportation routes. T4 R zoning applies to the property. WalkScore is 98, TransitScore is 89, and bikeScore is 80.
Key Highlights
- Eight one‑bedroom, one‑bathroom apartment residences
- Impact windows, updated plumbing and electrical systems
- Newer roof and completed 40 year recertification
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
$110,840
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
5.04%
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%
$2,216,800
$2.2M
Cap Rate 7%
$1,583,429
$1.6M
Cap Rate 9%
$1,231,556
$1.2M
Market Conditions
NOI Build-Up for 6,000 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
$216.0K $36.00/SF
− Vacancy
−$14.5K −$2.41/SF
EGI
$201.5K $33.59/SF
− OpEx
−$90.7K −$15.11/SF
NOI
$110.8K $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%
$2,216,800
Cap Rate 7%
$1,583,429
Cap Rate 9%
$1,231,556
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.39M – $1.85M
NOI $110,840 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.05M
$3.54M – $4.73M
NOI $283,503 @ 7.0% cap · market cap 12.89%
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 multifamily property with one-bedroom residences, impact windows, modernized systems, and a newer roof.
Where is this apartment building located?
The property is located at 412 SW 10th Ave Miami, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Eight one‑bedroom, one‑bathroom apartment residences; Impact windows, updated plumbing and electrical systems; Newer roof and completed 40 year recertification
