Renovated Six-Unit Multifamily
For Sale
$1,850,000
510 NW 90th St, Miami, FL 33150
Six detached residences feature refreshed interiors, modern kitchens, and upgraded plumbing and electrical systems.
Property Size4,166 SF
Lot Size0.72 Acres
Price / SF$454.99
Days on Market30
Property Features for 510 NW 90th St
General Information
Standard status
Active
Size
4,166 SF
Lot size
0.72 Acres
Property subtype
Commercial
Lease Term
1 to 3 years
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
6
Additional Details
Opportunity Zone
Yes
Building Details
Building Size
4,166 SF
Year Built
1946
Stories
1
Listing Agency:
Resivest Realty LLC
Listed By:
Leonardo Delgado Jr · License #3219154
(786) 368-7865
Source:
Elliman
Added: Aug 8
Changed: Sep 2
Last Checked: Sep 5 at 9:18AM
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 Resivest Realty LLC
Investment Insights
Based on property information with market context.
This multifamily property comprises six detached residences: five one-bedroom, one-bath bungalows and one two-bedroom, one-bath house. Renovations include new kitchens, stainless steel appliances, updated flooring, walk-in showers, and fully equipped baths. Plumbing and electrical systems have also been replaced, while impact windows and new roofs support the renovated condition. A separate storage structure adds supplemental utility.
The buildings occupy a 31,346 SF lot and contain 4,066 SF of total RBA. The property is located in an Opportunity Zone within a South Florida residential area and offers access to I-95, Biscayne Blvd, and NW 95th Street. The site is also served by nearby transit and has walkability and bikeability characteristics reflected by scores of 51, 65, and 54, respectively.
The buildings occupy a 31,346 SF lot and contain 4,066 SF of total RBA. The property is located in an Opportunity Zone within a South Florida residential area and offers access to I-95, Biscayne Blvd, and NW 95th Street. The site is also served by nearby transit and has walkability and bikeability characteristics reflected by scores of 51, 65, and 54, respectively.
Key Highlights
- Six detached residences: five 1‑bedroom/1‑bath bungalows and one 2‑bedroom/1‑bath house
- 31,346 SF lot with 4,066 SF total RBA
- Renovated kitchens, baths, flooring, plumbing, and electrical systems
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
$75,113
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
4.06%
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%
$1,502,260
$1.5M
Cap Rate 7%
$1,073,043
$1.1M
Cap Rate 9%
$834,589
$834.6K
Market Conditions
NOI Build-Up for 4,066 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
$146.4K $36.00/SF
− Vacancy
−$9.8K −$2.41/SF
EGI
$136.6K $33.59/SF
− OpEx
−$61.5K −$15.11/SF
NOI
$75.1K $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%
$1,502,260
Cap Rate 7%
$1,073,043
Cap Rate 9%
$834,589
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$938.9K – $1.25M
NOI $75,113 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.74M
$2.40M – $3.20M
NOI $192,120 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,939
Businesses Nearby
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Six detached residences feature refreshed interiors, modern kitchens, and upgraded plumbing and electrical systems.
Where is this multifamily property located?
The property is located at 510 NW 90th St Miami, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Six detached residences: five 1‑bedroom/1‑bath bungalows and one 2‑bedroom/1‑bath house; 31,346 SF lot with 4,066 SF total RBA; Renovated kitchens, baths, flooring, plumbing, and electrical systems
