Renovated 6-Unit Apartment
For Sale
$1,749,999
500 SW 8th AVE, Miami, FL 33130
Recent improvements include a permitted roof replacement and updated air-conditioning systems throughout the building.
Property Size4,608 SF
Price / SF$379.77
Days on Market252
Property Features for 500 SW 8th AVE
General Information
Standard status
Active
Size
4,608 SF
Property subtype
COMMERCIAL
Financials
Cap Rate
6.58%
Gross Income
$166,800
Units
Unit Mix
6 x 2BD/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$22,803
Building Details
Building Size
4,608 SF
Year Built
1925
Buildings
1
Listing Agency:
Sellstate 5 Star Realty
(786) 400-6373
Listed By:
Joey Fumero-Manso · License #279646883
Source:
Luxeknows
Added: Dec 17, 2025
Changed: Aug 25
Last Checked: Aug 26 at 2:10PM
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 Sellstate 5 Star Realty
Investment Insights
Based on property information with market context.
This six-unit apartment property contains six 2BD/1BA residences across 4,608 SF. Building improvements include a roof replacement completed in 2024 and replacement of all A/C systems in 2023. The property also completed its 2025 40 & 50-year recertifications, providing current documentation of major building compliance work.
Located at 500 SW 8th AVE in Miami’s Little Havana area, the asset is currently producing rental income and carries a 6.58% cap rate. The combination of six residential units, recent capital improvements, and completed recertifications creates a clearly defined multifamily configuration for ownership or investment consideration.
Located at 500 SW 8th AVE in Miami’s Little Havana area, the asset is currently producing rental income and carries a 6.58% cap rate. The combination of six residential units, recent capital improvements, and completed recertifications creates a clearly defined multifamily configuration for ownership or investment consideration.
Key Highlights
- Six 2BD/1BA apartments totaling 4,608 SF
- 2025 40 & 50‑year recertifications completed
- Roof replaced in 2024 with a permit
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
$85,125
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
4.86%
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%
$1,702,500
$1.7M
Cap Rate 7%
$1,216,071
$1.2M
Cap Rate 9%
$945,833
$945.8K
Market Conditions
NOI Build-Up for 4,608 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
$165.9K $36.00/SF
− Vacancy
−$11.1K −$2.41/SF
EGI
$154.8K $33.59/SF
− OpEx
−$69.6K −$15.11/SF
NOI
$85.1K $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%
$1,702,500
Cap Rate 7%
$1,216,071
Cap Rate 9%
$945,833
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,125 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.11M
$2.72M – $3.63M
NOI $217,730 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,512
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 - Recent improvements include a permitted roof replacement and updated air-conditioning systems throughout the building.
Where is this apartment building located?
The property is located at 500 SW 8th AVE Miami, FL.
What is the asking price?
The asking price for this property is $1,749,999.
What are key features of this property?
This property features: Six 2BD/1BA apartments totaling 4,608 SF; 2025 40 & 50‑year recertifications completed; Roof replaced in 2024 with a permit
