Waterfront Apartment
For Sale
$11,777,000
601 Northeast 22nd Street, Miami, FL 33137
Five-story property with 21 one-bedroom residences and T6-36a-L zoning.
Property Size20,799 SF
Price / SF$566.23
Days on Market654
Property Features for 601 Northeast 22nd Street
General Information
Standard status
Active
Size
20,799 SF
Property subtype
Commercial Sale / Multi Family
Taxes and HOA fees
Annual Taxes
$86,290
Amenities
5.0
5
1
Building, Land, Leases
No
Building Details
Year Built
1972
Listing Agency:
Global Investments Realty
(305) 635-3005
Listed By:
Joel Rodriguez · License #0545697
(305) 635-3005
Source:
Compass
Added: Nov 16, 2024
Changed: Aug 31
Last Checked: Aug 29 at 10:54PM
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 Global Investments Realty
Investment Insights
Based on property information with market context.
Built in 1972, this five-story apartment building contains 21 residential units, each configured with one bedroom and one bathroom. The existing rental asset is positioned for continued operation or redevelopment, subject to applicable approvals and requirements. T6-36a-L zoning allows development of up to 52 units and 180,760 SF by right, with the source information noting additional capacity of 40% through Public Benefit.
The property is adjacent to the bay and Biscayne Boulevard, with Midtown, Wynwood, the Design District, the Arts & Entertainment District, Downtown, and Brickell identified within a short drive. The surrounding area includes luxury residential buildings totaling more than 6,000 units, providing a substantial neighboring residential environment.
The property is adjacent to the bay and Biscayne Boulevard, with Midtown, Wynwood, the Design District, the Arts & Entertainment District, Downtown, and Brickell identified within a short drive. The surrounding area includes luxury residential buildings totaling more than 6,000 units, providing a substantial neighboring residential environment.
Key Highlights
- 21 residential units with a one‑bedroom, one‑bathroom configuration
- Five‑story apartment building constructed in 1972
- T6‑36a‑L zoning supports up to 52 units and 180,760 SF by right
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
$384,228
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
3.26%
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%
$7,684,560
$7.7M
Cap Rate 7%
$5,488,971
$5.5M
Cap Rate 9%
$4,269,200
$4.3M
Market Conditions
NOI Build-Up for 20,799 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
$748.8K $36.00/SF
− Vacancy
−$50.2K −$2.41/SF
EGI
$698.6K $33.59/SF
− OpEx
−$314.4K −$15.11/SF
NOI
$384.2K $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%
$7,684,560
Cap Rate 7%
$5,488,971
Cap Rate 9%
$4,269,200
Alternative Uses
Best Use
Apartment 5plus
$5.49M
$4.80M – $6.40M
NOI $384,228 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.04M
$12.28M – $16.38M
NOI $982,762 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,249
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
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?
Apartment building - Five-story property with 21 one-bedroom residences and T6-36a-L zoning.
Where is this apartment building located?
The property is located at 601 Northeast 22nd Street Miami, FL.
What is the asking price?
The asking price for this property is $11,777,000.
What are key features of this property?
This property features: 21 residential units with a one‑bedroom, one‑bathroom configuration; Five‑story apartment building constructed in 1972; T6‑36a‑L zoning supports up to 52 units and 180,760 SF by right
