Two-Building Multifamily
For Sale
$2,375,000
61 West 13th Street, Hialeah, FL 33010
For sale offering 8 total units across two buildings, with newer impact windows and 2-bed, 1-bath layouts.
Property Size6,776 SF
Price / SF$350.50
Days on Market1339
Property Features for 61 West 13th Street
General Information
Standard status
Active
Size
6,776 SF
Property subtype
Commercial Sale / Multi Family
Additional Details
Business Included
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$18,635
Amenities
Central Individual
Electric
2.0
2
Leases, Machinery
CBS
No
Building Details
Year Built
1972
Tenancy
Multi
Listing Agency:
Equator Realty
(305) 793-6430
Listed By:
Roberto C Gonzalez · License #0620347
(305) 793-6430
Source:
Compass
Added: Jan 1, 2023
Changed: Aug 8
Last Checked: Jul 28 at 3:19PM
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 Equator Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily portfolio includes a total of 8 residential units across 2 separate buildings. Each unit is configured with 2 bedrooms and 1 bathroom, with an average unit size reported as 840 square feet. The property also features new impact windows.
The offering is located at 61 West 13th Street in Hialeah, FL. The current rent range is reported as $2,000 to $2,100 per unit. Buyers should not disturb tenants, and viewing is permitted from outside.
The seller will cooperate with a 1031 exchange. All offers will be presented, and the property has been reduced in price.
The offering is located at 61 West 13th Street in Hialeah, FL. The current rent range is reported as $2,000 to $2,100 per unit. Buyers should not disturb tenants, and viewing is permitted from outside.
The seller will cooperate with a 1031 exchange. All offers will be presented, and the property has been reduced in price.
Key Highlights
- 8‑unit multifamily property in 2 buildings in Hialeah
- All units have 2 bedrooms and 1 bathroom
- Average unit size is 840 SF
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
$90,738
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
3.82%
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%
$1,814,760
$1.8M
Cap Rate 7%
$1,296,257
$1.3M
Cap Rate 9%
$1,008,200
$1.0M
Market Conditions
NOI Build-Up for 6,776 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
$176.4K $26.04/SF
− Vacancy
−$11.5K −$1.69/SF
EGI
$165.0K $24.35/SF
− OpEx
−$74.2K −$10.96/SF
NOI
$90.7K $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%
$1,814,760
Cap Rate 7%
$1,296,257
Cap Rate 9%
$1,008,200
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.13M – $1.51M
NOI $90,738 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,692 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - For sale offering 8 total units across two buildings, with newer impact windows and 2-bed, 1-bath layouts.
Where is this apartment building located?
The property is located at 61 West 13th Street Hialeah, FL.
What is the asking price?
The asking price for this property is $2,375,000.
What are key features of this property?
This property features: 8‑unit multifamily property in 2 buildings in Hialeah; All units have 2 bedrooms and 1 bathroom; Average unit size is 840 SF
