Hialeah Multifamily Investment
For Sale
$2,200,000
61 W 13th St, Hialeah, FL 33010
Two buildings with eight units, all 2 bed/1 bath.
Property Size6,776 SF
Lot Size0.31 Acres
Price / SF$327.38
Days on Market153
Property Features for 61 W 13th St
General Information
Standard status
Active
Size
6,776 SF
Lot size
0.31 Acres
Property subtype
Commercial
Lease Term
1 to 3 years
Taxes and HOA fees
Annual Taxes
$18,635
Building Details
Building Size
6,776 SF
Year Built
1972
Stories
2
Listing Agency:
(305) 793-6430
Listed By:
Roberto Gonzalez
(305) 793-6430
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 12:25PM
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 Roberto Gonzalez
Investment Insights
Based on property information with market context.
For sale are two buildings in Hialeah, comprising a total of eight units. Each unit features 2 bedrooms and 1 bathroom, with an average size of 840 square feet. New impact windows have been installed. Current rents are $1,900 per unit, with some units renting for $2,100 or more. The buyer will cooperate with the seller's 1031 exchange.
Key Highlights
- Eight 2‑bedroom, 1‑bathroom units in two buildings, offering substantial rental income potential.
- New impact windows throughout, providing enhanced protection.
- Units average 840 SQ FT, offering comfortable living spaces.
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
$89,988
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
4.09%
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%
$1,799,760
$1.8M
Cap Rate 7%
$1,285,543
$1.3M
Cap Rate 9%
$999,867
$999.9K
Market Conditions
NOI Build-Up for 6,720 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
$175.0K $26.04/SF
− Vacancy
−$11.4K −$1.69/SF
EGI
$163.6K $24.35/SF
− OpEx
−$73.6K −$10.96/SF
NOI
$90.0K $13.39/SF
Area
Hialeah, FL
Vacancy
6.50%
Lease Rate
$26.04 /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%
$1,799,760
Cap Rate 7%
$1,285,543
Cap Rate 9%
$999,867
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.12M – $1.50M
NOI $89,988 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.64M
$2.31M – $3.09M
NOI $185,149 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,824
Businesses Nearby
Explore this area
Business Placement
Demographics for 33010, FL
43,902
Population
16,456
Households
2.7
Avg Household Size
48
Median Age
20%
College-Educated
71%
High-School Grad
4.3 sq mi
ZIP Area
10,210
Density / Sq Mi
$45,449
Median Household Income
$30,466
Median Earnings
$1,318
Median Rent
$346,500
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 - Two buildings with eight units, all 2 bed/1 bath.
Where is this apartment building located?
The property is located at 61 W 13th St Hialeah, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Eight 2‑bedroom, 1‑bathroom units in two buildings, offering substantial rental income potential.; New impact windows throughout, providing enhanced protection.; Units average 840 SQ FT, offering comfortable living spaces.
