14-Unit Multifamily
For Sale
$4,340,000
6305 W 22nd Court, Hialeah, FL 33016
Well-maintained apartment property with separately metered electricity and practical floor plans.
Property Size12,894 SF
Price / SF$336.59
Days on Market11
Property Features for 6305 W 22nd Court
General Information
Standard status
Active
Size
12,894 SF
Property subtype
Quadruplex
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
10 x 2BR/1.5BA, 4 x 3BR/2BA
Multifamily Units
14
Building Details
Year Built
1989
Listing Agency:
Sea Grove Realty
(305) 726-5818
Listed By:
Derek Varona · License #3245277
(305) 726-5818
Source:
Lehmannflorida
Added: Jul 28
Changed: Jul 31
Last Checked: Aug 6 at 4:01AM
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 Sea Grove Realty
Investment Insights
Based on property information with market context.
This well-maintained 14-unit multifamily property was built in 1989 and includes 12,894 square feet of apartment space. The unit mix consists of ten two-bedroom, one-and-a-half-bathroom residences and four three-bedroom, two-bathroom residences. Each unit is separately metered for electricity, while water is provided through a common meter.
The property is within walking distance of Bucky Dent Park, which includes a public swimming pool, water park, skate park, baseball fields, and other community amenities. It is also near Westland Mall and provides access to the Palmetto Expressway (SR 826), I-75, Okeechobee Road (US 27), and the Florida Turnpike. The surrounding area includes established residential, retail, commercial, and light-industrial corridors.
The property is within walking distance of Bucky Dent Park, which includes a public swimming pool, water park, skate park, baseball fields, and other community amenities. It is also near Westland Mall and provides access to the Palmetto Expressway (SR 826), I-75, Okeechobee Road (US 27), and the Florida Turnpike. The surrounding area includes established residential, retail, commercial, and light-industrial corridors.
Key Highlights
- 14‑unit multifamily property with 12,894 square feet, built in 1989
- Unit mix includes ten 2‑bedroom, 1.5‑bath residences and four 3‑bedroom, 2‑bath residences
- Each unit has separately metered electricity; water is supplied through a common meter
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
$172,664
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
3.98%
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%
$3,453,280
$3.5M
Cap Rate 7%
$2,466,629
$2.5M
Cap Rate 9%
$1,918,489
$1.9M
Market Conditions
NOI Build-Up for 12,894 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
$335.8K $26.04/SF
− Vacancy
−$21.8K −$1.69/SF
EGI
$313.9K $24.35/SF
− OpEx
−$141.3K −$10.96/SF
NOI
$172.7K $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%
$3,453,280
Cap Rate 7%
$2,466,629
Cap Rate 9%
$1,918,489
Alternative Uses
Best Use
Apartment 5plus
$2.47M
$2.16M – $2.88M
NOI $172,664 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.08M
$4.44M – $5.92M
NOI $355,255 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,307
Businesses Nearby
Explore this area
Business Placement
Demographics for 33016, FL
45,714
Population
16,158
Households
2.8
Avg Household Size
43
Median Age
28%
College-Educated
83%
High-School Grad
4.2 sq mi
ZIP Area
10,884
Density / Sq Mi
$56,633
Median Household Income
$33,069
Median Earnings
$1,753
Median Rent
$295,800
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 - Well-maintained apartment property with separately metered electricity and practical floor plans.
Where is this apartment building located?
The property is located at 6305 W 22nd Court Hialeah, FL.
What is the asking price?
The asking price for this property is $4,340,000.
What are key features of this property?
This property features: 14‑unit multifamily property with 12,894 square feet, built in 1989; Unit mix includes ten 2‑bedroom, 1.5‑bath residences and four 3‑bedroom, 2‑bath residences; Each unit has separately metered electricity; water is supplied through a common meter
