8-Unit Apartment
For Sale
$1,350,000
6124 Pembroke Rd, Miramar, FL 33023
Apartment property with a mix of studio and one-bedroom units, updated mini-split air conditioning, and on-site laundry.
Property Size3,670 SF
Days on Market225
Property Features for 6124 Pembroke Rd
General Information
Standard status
Active
Size
3,670 SF
Property subtype
Quadruplex
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 1BD/1BA, 6 x studio
Multifamily Units
8
Additional Details
Gross Income
$140,520
Taxes and HOA fees
Annual Taxes
$25,560
Amenities
on-site coin laundry room
garage
Building Details
Building Size
3,670 SF
Year Built
1975
Listing Agency:
Fausto Commercial Realty Consultants Inc
(954) 743-7594
Listed By:
Elior Levi · License #3574869
Source:
Relinkre
Added: Dec 25, 2025
Changed: Aug 5
Last Checked: Aug 7 at 12:57AM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This 8-unit apartment building, constructed in 1975, includes two 1BD/1BA apartments and six studio units. Seven units are leased month to month, while several interiors have been renovated. Updated mini-split A/C systems serve the property, which also includes a coin-operated laundry room.
The property is located on Pembroke Road in Miramar, FL, near US 441 and major highways. A large garage provides storage space and is identified as having potential for conversion into a ninth unit. Current annual gross income is $140,520, and the going-in cap rate is near 7%.
The property is located on Pembroke Road in Miramar, FL, near US 441 and major highways. A large garage provides storage space and is identified as having potential for conversion into a ninth unit. Current annual gross income is $140,520, and the going-in cap rate is near 7%.
Key Highlights
- 8‑unit apartment building with two 1BD/1BA units and six studios
- Seven of eight tenants are on month‑to‑month leases
- Several renovated interiors and updated mini‑split A/C systems
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
$37,788
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
2.80%
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%
$755,760
$755.8K
Cap Rate 7%
$539,829
$539.8K
Cap Rate 9%
$419,867
$419.9K
Market Conditions
NOI Build-Up for 3,670 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
$70.9K $19.32/SF
− Vacancy
−$2.2K −$0.60/SF
EGI
$68.7K $18.72/SF
− OpEx
−$30.9K −$8.42/SF
NOI
$37.8K $10.30/SF
Area
Miramar, FL
Vacancy
3.10%
Lease Rate
$19.32 /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%
$755,760
Cap Rate 7%
$539,829
Cap Rate 9%
$419,867
Alternative Uses
Best Use
Apartment 5plus
$539.8K
$472.4K – $629.8K
NOI $37,788 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.71M
$1.49M – $1.99M
NOI $119,554 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Explore this area
Business Placement
Demographics for 33023, FL
66,749
Population
22,450
Households
3
Avg Household Size
38
Median Age
20%
College-Educated
84%
High-School Grad
8.8 sq mi
ZIP Area
7,585
Density / Sq Mi
$70,003
Median Household Income
$35,093
Median Earnings
$1,621
Median Rent
$344,500
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 - Apartment property with a mix of studio and one-bedroom units, updated mini-split air conditioning, and on-site laundry.
Where is this apartment building located?
The property is located at 6124 Pembroke Rd Miramar, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 8‑unit apartment building with two 1BD/1BA units and six studios; Seven of eight tenants are on month‑to‑month leases; Several renovated interiors and updated mini‑split A/C systems
