20-Unit Apartment
New
For Sale
$5,400,000
500 SW 3rd St, Miami, FL 33130
Multifamily property with strong pedestrian, bicycle, and public transit accessibility in Little Havana.
Property Size10,324 SF
Days on Market6
Property Features for 500 SW 3rd St
General Information
Standard status
Active
Size
10,324 SF
Property subtype
Commercial
Additional Details
Multifamily Units
20
Building Details
Building Size
10,324 SF
Year Built
1960
Buildings
1
Listing Agency:
J&Co. Commercial Real Estate, Inc.
Listed By:
George Jimenez · License #3274154
(786) 796-6302
Source:
Elliman
Added: Sep 15
Last Checked: Sep 20 at 8:16AM
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 J&Co. Commercial Real Estate, Inc.
Investment Insights
Based on property information with market context.
Built in 1960, this 20-unit apartment building at 500 SW 3rd St offers an existing multifamily configuration in Miami’s Little Havana. The property is described as a stabilized rental asset with current cash flow, providing an operating platform for continued ownership or unit-by-unit repositioning.
The site is positioned within one of Miami-Dade’s active multifamily submarkets and carries walkScore and transitScore ratings of 98 and 89, respectively. Its bikeScore is 80, indicating strong bicycle accessibility. The property also presents a potential redevelopment path under Florida’s Live Local Act, with the stated possibility of increasing buildable density beyond Miami 21 base zoning parameters.
The site is positioned within one of Miami-Dade’s active multifamily submarkets and carries walkScore and transitScore ratings of 98 and 89, respectively. Its bikeScore is 80, indicating strong bicycle accessibility. The property also presents a potential redevelopment path under Florida’s Live Local Act, with the stated possibility of increasing buildable density beyond Miami 21 base zoning parameters.
Key Highlights
- 20‑unit apartment building constructed in 1960
- Located at 500 SW 3rd St in Little Havana
- Stabilized rental asset with current cash flow
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
$190,719
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
3.53%
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%
$3,814,380
$3.8M
Cap Rate 7%
$2,724,557
$2.7M
Cap Rate 9%
$2,119,100
$2.1M
Market Conditions
NOI Build-Up for 10,324 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
$371.7K $36.00/SF
− Vacancy
−$24.9K −$2.41/SF
EGI
$346.8K $33.59/SF
− OpEx
−$156.0K −$15.11/SF
NOI
$190.7K $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%
$3,814,380
Cap Rate 7%
$2,724,557
Cap Rate 9%
$2,119,100
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.18M
NOI $190,719 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.97M
$6.10M – $8.13M
NOI $487,814 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
9,064
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with strong pedestrian, bicycle, and public transit accessibility in Little Havana.
Where is this apartment building located?
The property is located at 500 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: 20‑unit apartment building constructed in 1960; Located at 500 SW 3rd St in Little Havana; Stabilized rental asset with current cash flow
