Renovated 8-Unit Multifamily
For Sale
Contact for pricing
48 NW 13TH AVE, Miami, FL 33125
A fully renovated 8-unit multifamily property with a 2-bedroom and 1-bedroom unit mix and impact windows.
Property Size6,205 SF
Lot Size0.11 Acres
Price / SF$370.67
Days on Market102
Property Features for 48 NW 13TH AVE
General Information
Standard status
Active
Size
6,205 SF
Lot size
0.11 Acres
Property subtype
Multifamily
Zoning
T5-L
Occupancy
100%
Net Operating Income
$117,421
Additional Details
Multifamily Units
8
Building Details
Year Built
1925
Buildings
1
Stories
2
Units
8
Listing Agency:
Eleven Trust Real Estate Services
Listed By:
David Fermoselle · License #3306806
(305) 299-4124
Source:
Crexi
Added: May 28
Changed: Aug 26
Last Checked: Sep 5 at 5:17PM
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 Eleven Trust Real Estate Services
Investment Insights
Based on property information with market context.
This renovated 8-unit multifamily building was originally built in 1925 and features four 2-bedroom/1-bath units and four 1-bedroom/1-bath units. The property has undergone extensive updates, including new impact windows, updated kitchens and bathrooms, modern flooring, and split A/C units throughout.
The building is located at 48 NW 13th Ave in Miami, FL 33125. The site sits on a 5,000 square foot lot zoned T5-L and is positioned just steps from LoanDepot Park, with nearby parks, restaurants, shopping, and public transportation.
With its established unit mix and recent interior and system improvements, the property is positioned for straightforward occupancy. The lot zoning provides for continued flexibility for future use planning in accordance with applicable regulations.
The building is located at 48 NW 13th Ave in Miami, FL 33125. The site sits on a 5,000 square foot lot zoned T5-L and is positioned just steps from LoanDepot Park, with nearby parks, restaurants, shopping, and public transportation.
With its established unit mix and recent interior and system improvements, the property is positioned for straightforward occupancy. The lot zoning provides for continued flexibility for future use planning in accordance with applicable regulations.
Key Highlights
- Fully renovated 8‑unit multifamily building built in 1925
- Unit mix: (4) 2BD/1BA and (4) 1BD/1BA
- Renovations include new impact windows, updated kitchens and bathrooms, and modern flooring
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
$114,627
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
4.98%
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%
$2,292,540
$2.3M
Cap Rate 7%
$1,637,529
$1.6M
Cap Rate 9%
$1,273,633
$1.3M
Market Conditions
NOI Build-Up for 6,205 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
$223.4K $36.00/SF
− Vacancy
−$15.0K −$2.41/SF
EGI
$208.4K $33.59/SF
− OpEx
−$93.8K −$15.11/SF
NOI
$114.6K $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%
$2,292,540
Cap Rate 7%
$1,637,529
Cap Rate 9%
$1,273,633
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,627 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.19M
$3.66M – $4.89M
NOI $293,189 @ 7.0% cap · market cap 12.75%
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
3,125
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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 - A fully renovated 8-unit multifamily property with a 2-bedroom and 1-bedroom unit mix and impact windows.
Where is this apartment building located?
The property is located at 48 NW 13TH AVE Miami, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Fully renovated 8‑unit multifamily building built in 1925; Unit mix: (4) 2BD/1BA and (4) 1BD/1BA; Renovations include new impact windows, updated kitchens and bathrooms, and modern flooring
