Six-Unit Apartment
For Sale
$1,800,000
6373 8th St, Miami, FL 33144
Six units are currently rented month-to-month at the property on SW 8th Street in Miami, FL.
Property Size5,368 SF
Price / SF$335.32
Days on Market198
Property Features for 6373 8th St
General Information
Standard status
Active
Size
5,368 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$20,286
Amenities
3
Building Details
Year Built
1970
Tenancy
Multi
Listing Agency:
Hugo Bosch & Associates
(305) 216-1974
Listed By:
Hugo Bosch
(305) 216-1974
Source:
Xome
Added: Jan 25
Changed: Aug 8
Last Checked: Aug 10 at 3:31AM
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 Hugo Bosch & Associates
Investment Insights
Based on property information with market context.
This multifamily apartment building contains six units, all currently rented on a month-to-month basis at $2,000 each. The property is described as having passed a 40-year inspection, with no violations and no liens reported in the provided remarks.
The building is located at 6373 SW 8th St in Miami, Florida, positioned at the intersection of SW 8th Street and 63rd Ave, based on the information included.
For appointments and additional details, the listing remarks direct interested parties to text the listing agent.
The building is located at 6373 SW 8th St in Miami, Florida, positioned at the intersection of SW 8th Street and 63rd Ave, based on the information included.
For appointments and additional details, the listing remarks direct interested parties to text the listing agent.
Key Highlights
- Six units currently rented month‑to‑month at $2,000 per unit
- 3 guest facilities included
- Built in 1970
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
$99,165
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
5.51%
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%
$1,983,300
$2.0M
Cap Rate 7%
$1,416,643
$1.4M
Cap Rate 9%
$1,101,833
$1.1M
Market Conditions
NOI Build-Up for 5,368 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
$193.2K $36.00/SF
− Vacancy
−$12.9K −$2.41/SF
EGI
$180.3K $33.59/SF
− OpEx
−$81.1K −$15.11/SF
NOI
$99.2K $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%
$1,983,300
Cap Rate 7%
$1,416,643
Cap Rate 9%
$1,101,833
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,165 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.62M
$3.17M – $4.23M
NOI $253,640 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 33144, FL
25,814
Population
9,665
Households
2.7
Avg Household Size
48
Median Age
28%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
8,327
Density / Sq Mi
$59,207
Median Household Income
$35,051
Median Earnings
$1,730
Median Rent
$440,600
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 - Six units are currently rented month-to-month at the property on SW 8th Street in Miami, FL.
Where is this apartment building located?
The property is located at 6373 8th St Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six units currently rented month‑to‑month at $2,000 per unit; 3 guest facilities included; Built in 1970
