10-Unit Apartment
For Sale
$2,000,000
6415 17th Ave, Miami, FL 33147
Unit mix includes one- and two-bedroom apartments with separately metered electricity.
Property Size5,240 SF
Price / SF$381.68
Days on Market31
Property Features for 6415 17th Ave
General Information
Standard status
Active
Size
5,240 SF
Property subtype
General Commercial
Units
Unit Mix
8 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
10
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,466
Amenities
3
Building Details
Year Built
1955
Listing Agency:
Green Lands Realty
(786) 267-7248
Listed By:
Silvia Garaza · License #3307649
(786) 267-7248
Source:
Xome
Added: Jul 29
Changed: Aug 22
Last Checked: Aug 28 at 7:03AM
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 Green Lands Realty
Investment Insights
Based on property information with market context.
Built in 1955, this multifamily property contains 10 apartments with a defined unit mix: 8 one-bedroom, one-bath units and 2 two-bedroom, one-bath units. Separate electric meters serve each apartment, supporting distinct utility allocation across the property.
The property is located at 6415 17th Ave in Miami, near major roads, public transportation, shopping, dining, and employment centers. Its configuration provides a clear apartment-building layout with both one- and two-bedroom units in a single multifamily asset.
The property is located at 6415 17th Ave in Miami, near major roads, public transportation, shopping, dining, and employment centers. Its configuration provides a clear apartment-building layout with both one- and two-bedroom units in a single multifamily asset.
Key Highlights
- 10‑unit multifamily property with 8 one‑bedroom and 2 two‑bedroom apartments
- Unit mix includes 8 one‑bedroom, 1‑bathroom units
- Two 2‑bedroom, 1‑bathroom apartments
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
$96,801
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
4.84%
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%
$1,936,020
$1.9M
Cap Rate 7%
$1,382,871
$1.4M
Cap Rate 9%
$1,075,567
$1.1M
Market Conditions
NOI Build-Up for 5,240 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
$188.6K $36.00/SF
− Vacancy
−$12.6K −$2.41/SF
EGI
$176.0K $33.59/SF
− OpEx
−$79.2K −$15.11/SF
NOI
$96.8K $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%
$1,936,020
Cap Rate 7%
$1,382,871
Cap Rate 9%
$1,075,567
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,801 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.54M
$3.09M – $4.13M
NOI $247,592 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
892
Businesses Nearby
Explore this area
Business Placement
Demographics for 33147, FL
48,823
Population
16,220
Households
3
Avg Household Size
39
Median Age
15%
College-Educated
77%
High-School Grad
7.2 sq mi
ZIP Area
6,781
Density / Sq Mi
$47,728
Median Household Income
$33,385
Median Earnings
$1,359
Median Rent
$301,300
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 - Unit mix includes one- and two-bedroom apartments with separately metered electricity.
Where is this apartment building located?
The property is located at 6415 17th Ave Miami, FL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 10‑unit multifamily property with 8 one‑bedroom and 2 two‑bedroom apartments; Unit mix includes 8 one‑bedroom, 1‑bathroom units; Two 2‑bedroom, 1‑bathroom apartments
