91-Unit Apartment
For Sale
Contact for pricing
5601 NW FIRST AVE, Miami, FL 33127
Ten two-story buildings contain studio, one-bedroom, and two-bedroom residences with a mix of central air conditioning systems.
Property Size47,210 SF
Lot Size2.21 Acres
Price / SF$397.16
Days on Market127
Property Features for 5601 NW FIRST AVE
General Information
Standard status
Active
Size
47,210 SF
Class
B
Lot size
2.21 Acres
Property subtype
Multifamily
Zoning
T4-R
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$1,103,400
Additional Details
Public Transit
Yes
Multifamily Units
91
Building Details
Year Built
1947
Year Renovated
2023
Buildings
11
Stories
3
Units
91
Tenancy
Multi
Listing Agency:
Eleven Trust Real Estate Services
Listed By:
Rafael Fermoselle · License #FL 3233005
Source:
Crexi
Added: Jun 17
Changed: Oct 3
Last Checked: Oct 20 at 5:16PM
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 Eleven Trust Real Estate Services
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Investment Insights
Based on property information with market context.
This 91-unit apartment community includes studios, one-bedroom residences, and two-bedroom residences arranged across ten separate two-story buildings. The property contains approximately 47,210 adjusted square feet and occupies a 2.21-acre site spanning 96,507 square feet. Apartment interiors include a combination of central air conditioning systems, providing varied residential configurations within the community.
The property is located at 5601 NW First Avenue in Miami, near Little Haiti, Wynwood, the Miami Design District, Midtown Miami, and Downtown Miami. T4-R zoning applies to the site, which combines an established multifamily layout with a substantial land area in an urban setting.
The property is located at 5601 NW First Avenue in Miami, near Little Haiti, Wynwood, the Miami Design District, Midtown Miami, and Downtown Miami. T4-R zoning applies to the site, which combines an established multifamily layout with a substantial land area in an urban setting.
Key Highlights
- 91‑unit multifamily apartment community
- Studio, one‑bedroom, and two‑bedroom unit mix
- Ten separate two‑story residential buildings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$872,129
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$17,442,580
$17.4M
Cap Rate 7%
$12,458,986
$12.5M
Cap Rate 9%
$9,690,322
$9.7M
Market Conditions
NOI Build-Up for 47,210 SF
Gross rent
$1.70M $36.00/SF
− Vacancy
−$113.9K −$2.41/SF
EGI
$1.59M $33.59/SF
− OpEx
−$713.6K −$15.11/SF
NOI
$872.1K $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 Rate 5%
$17,442,580
Cap Rate 7%
$12,458,986
Cap Rate 9%
$9,690,322
Alternative Uses
Best Use
Apartment 5plus
$12.46M
$10.90M – $14.54M
NOI $872,129 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$31.87M
$27.88M – $37.18M
NOI $2,230,694 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
91
Residential units
Location Intelligence
Trade Area within ½ mile
2,308
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Ten two-story buildings contain studio, one-bedroom, and two-bedroom residences with a mix of central air conditioning systems.
Where is this apartment building located?
The property is located at 5601 NW FIRST AVE Miami, FL.
What is the asking price?
The asking price for this property is $18,750,000.
What are key features of this property?
This property features: 91‑unit multifamily apartment community; Studio, one‑bedroom, and two‑bedroom unit mix; Ten separate two‑story residential buildings
