20-Unit Apartment
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 Market52
Property Features for 500 SW 3rd St
General Information
Standard status
Active
Size
10,324 SF
Property subtype
Commercial
Site & Location
Neighborhood
East Little Havana
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
Changed: Oct 26
Last Checked: Nov 4 at 1:31PM
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.
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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 / Yr
$190,719
Cap Rate
3.53%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
9,064
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
