Apartment Building with Redevelopment
New
For Sale
$1,100,000
625 SW 18th Ave, Miami, FL 33135
Multi-unit property with architectural plans, existing code issues, and a pending rezoning application under Miami 21.
Property Size3,307 SF
Days on Market2
Property Features for 625 SW 18th Ave
General Information
Standard status
Active
Size
3,307 SF
Property subtype
Commercial
Zoning
T4-R
Lease Term
Month-to-month
Additional Details
Public Transit
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$13,755
Building Details
Building Size
3,307 SF
Year Built
1937
Stories
2
Listing Agency:
BHHS EWM Realty
Listed By:
Ileana Larrubia · License #3028769
(305) 790-0851
Source:
Elliman
Added: Sep 10
Last Checked: Sep 10 at 3:09PM
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 BHHS EWM Realty
Investment Insights
Based on property information with market context.
Built in 1937, this apartment property contains 5 legal units and is currently configured as 6 units. The sale is strictly AS-IS, with existing violations and liens. Architectural plans are included, and approved plans and financial information are available.
The property is zoned T4-R and has a pending rezoning application under Miami 21. Buyers are responsible for independently verifying unit count, permitted uses, development rights, code compliance, existing violations and liens, and the status and requirements of the rezoning application. The property is located in a highly walkable area with a Walk Score of 94, a Bike Score of 57, and a Transit Score of 50.
The property is zoned T4-R and has a pending rezoning application under Miami 21. Buyers are responsible for independently verifying unit count, permitted uses, development rights, code compliance, existing violations and liens, and the status and requirements of the rezoning application. The property is located in a highly walkable area with a Walk Score of 94, a Bike Score of 57, and a Transit Score of 50.
Key Highlights
- 5 legal units currently used as 6 units
- T4‑R zoning with pending Miami 21 rezoning application
- Architectural plans included with sale
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
$61,092
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
5.55%
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%
$1,221,840
$1.2M
Cap Rate 7%
$872,743
$872.7K
Cap Rate 9%
$678,800
$678.8K
Market Conditions
NOI Build-Up for 3,307 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
$119.1K $36.00/SF
− Vacancy
−$8.0K −$2.41/SF
EGI
$111.1K $33.59/SF
− OpEx
−$50.0K −$15.11/SF
NOI
$61.1K $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 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%
$1,221,840
Cap Rate 7%
$872,743
Cap Rate 9%
$678,800
Alternative Uses
Best Use
Apartment 5plus
$872.7K
$763.7K – $1.02M
NOI $61,092 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $156,257 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,651
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Multi-unit property with architectural plans, existing code issues, and a pending rezoning application under Miami 21.
Where is this apartment building located?
The property is located at 625 SW 18th Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5 legal units currently used as 6 units; T4‑R zoning with pending Miami 21 rezoning application; Architectural plans included with sale
