12-Unit Apartment Building with
For Sale
$3,699,000
529 Northwest 88th Street, Miami, FL 33150
Renovated multifamily property with gated entry and landscaped shared outdoor space.
Property Size7,927 SF
Price / SF$466.63
Days on Market866
Property Features for 529 Northwest 88th Street
General Information
Standard status
Active
Size
7,927 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Taxes and HOA fees
Annual Taxes
$32,054
Building Details
Year Built
1940
Listing Agency:
The Alpha Commercial Advisors LLC
(305) 697-7011
Listed By:
Jamie Maniscalco · License #3391005
(305) 697-7011
Source:
Compass
Added: Apr 18, 2024
Changed: Aug 29
Last Checked: Aug 30 at 11:49PM
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 The Alpha Commercial Advisors LLC
Investment Insights
Based on property information with market context.
This 2-acre, two-parcel Opportunity Zone portfolio includes a renovated 12-unit apartment property at 529 Northwest 88th Street. The existing multifamily component is accessed through a private gate and organized around a central courtyard with landscaped grounds and tenant barbecue space. PropertySize is 7,927 square feet, and the building dates to 1940.
The second parcel, at 585 Northwest 88th Street, contains a single-family home positioned on a full acre. The residence is renovation-ready, and the applicable zoning permits development of up to 8 total units in the bungalow-style format described for the property. Together, the parcels offer an existing apartment component and a separate residential development site within the El Portal neighborhood between Miami Shores and Little River.
The second parcel, at 585 Northwest 88th Street, contains a single-family home positioned on a full acre. The residence is renovation-ready, and the applicable zoning permits development of up to 8 total units in the bungalow-style format described for the property. Together, the parcels offer an existing apartment component and a separate residential development site within the El Portal neighborhood between Miami Shores and Little River.
Key Highlights
- 12‑unit renovated apartment property at 529 Northwest 88th Street
- Two‑parcel Opportunity Zone portfolio totaling 2 acres
- Private gated access and central courtyard
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
$146,439
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
3.96%
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%
$2,928,780
$2.9M
Cap Rate 7%
$2,091,986
$2.1M
Cap Rate 9%
$1,627,100
$1.6M
Market Conditions
NOI Build-Up for 7,927 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
$285.4K $36.00/SF
− Vacancy
−$19.1K −$2.41/SF
EGI
$266.3K $33.59/SF
− OpEx
−$119.8K −$15.11/SF
NOI
$146.4K $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%
$2,928,780
Cap Rate 7%
$2,091,986
Cap Rate 9%
$1,627,100
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,439 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.35M
$4.68M – $6.24M
NOI $374,554 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
833
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with gated entry and landscaped shared outdoor space.
Where is this apartment building located?
The property is located at 529 Northwest 88th Street Miami, FL.
What is the asking price?
The asking price for this property is $3,699,000.
What are key features of this property?
This property features: 12‑unit renovated apartment property at 529 Northwest 88th Street; Two‑parcel Opportunity Zone portfolio totaling 2 acres; Private gated access and central courtyard
