16-Unit Apartment
For Sale
Contact for pricing
441 NE 37th St, Miami, FL 33137
Two low-rise buildings offer maintained interiors, common areas, and off-street parking in Miami’s Buena Vista neighborhood.
Property Size8,399 SF
Price / SF$416.72
Days on Market50
Property Features for 441 NE 37th St
General Information
Standard status
Active
Size
8,399 SF
Class
C
Total Parking Spaces
16
Property subtype
Multifamily
Zoning
T -5 Urban Center Zone
Occupancy
100%
Investment Type
Redevelopment
Net Operating Income
$27,237
Building Details
Year Built
1974
Year Renovated
2005
Buildings
2
Stories
2
Units
16
Listing Agency:
Fortune International Realty
(305) 775-1558
Listed By:
Eduardo Azofra · License #3040502
Source:
Crexi
Added: Jul 14
Changed: Aug 30
Last Checked: Aug 30 at 11:28PM
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 International Realty
Investment Insights
Based on property information with market context.
This multifamily property comprises two low-rise apartment buildings with 16 units and 8,399 square feet of property size. Constructed in 1974, the buildings feature maintained common areas and apartment interiors, along with off-street parking.
The property is located in Miami’s Buena Vista neighborhood near Midtown, Wynwood, Edgewater, Upper East Side, and Morningside. Access to the Julia Tuttle Causeway provides a connection toward Miami Beach, while public transportation, grocery stores, restaurants, and shops are nearby. The zoning designation is T -5 Urban Center Zone.
The property is located in Miami’s Buena Vista neighborhood near Midtown, Wynwood, Edgewater, Upper East Side, and Morningside. Access to the Julia Tuttle Causeway provides a connection toward Miami Beach, while public transportation, grocery stores, restaurants, and shops are nearby. The zoning designation is T -5 Urban Center Zone.
Key Highlights
- Two low‑rise apartment buildings with 16 total units
- 8,399 square feet of property size
- Built in 1974
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
$155,158
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
4.43%
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%
$3,103,160
$3.1M
Cap Rate 7%
$2,216,543
$2.2M
Cap Rate 9%
$1,723,978
$1.7M
Market Conditions
NOI Build-Up for 8,399 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
$302.4K $36.00/SF
− Vacancy
−$20.3K −$2.41/SF
EGI
$282.1K $33.59/SF
− OpEx
−$126.9K −$15.11/SF
NOI
$155.2K $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%
$3,103,160
Cap Rate 7%
$2,216,543
Cap Rate 9%
$1,723,978
Alternative Uses
Best Use
Apartment 5plus
$2.22M
$1.94M – $2.59M
NOI $155,158 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.67M
$4.96M – $6.61M
NOI $396,857 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,610
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
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 - Two low-rise buildings offer maintained interiors, common areas, and off-street parking in Miami’s Buena Vista neighborhood.
Where is this apartment building located?
The property is located at 441 NE 37th St Miami, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Two low‑rise apartment buildings with 16 total units; 8,399 square feet of property size; Built in 1974
