Boutique 16-Unit Multifamily
For Sale
Contact for pricing
761 Northwest 1st Street, Miami, FL 33128
A fully stabilized, impact-resistant 16-unit community with private rear yards and modern interiors.
Property Size14,212 SF
Price / SF$358.85
Days on Market53
Property Features for 761 Northwest 1st Street
General Information
Standard status
Active
Size
14,212 SF
Property subtype
Multifamily
Building Details
Year Built
2017
Listing Agency:
Porosoff Group
(305) 766-1864
Listed By:
Arthur Porosoff · License #3160379
Source:
Crexi
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 6 at 10:30AM
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 Porosoff Group
Investment Insights
Based on property information with market context.
Tecela Little Havana is a sixteen-unit boutique multifamily community delivered in two phases (2017 and 2019). The building is constructed with concrete and CMU, with impact-rated glazing and key-card entry. Interiors feature polished concrete floors, custom millwork, quartz counters, and 9'+ ceilings. The four 2BR-A flats include 13'+ ceilings and each is backed by a 750 SF private rear yard.
Located at 761-771 NW 1st Street in Little Havana, the property is positioned within easy reach of major destinations, including approximately ten minutes to Brickell, twelve minutes to Wynwood, fifteen minutes to the Health District, and twenty-three minutes to MIA.
For buyers seeking a stabilized residential income asset, the property is fully stabilized with one hundred percent occupancy, with no lease-up risk and no concession burn-off as stated in the offering. The combination of durable construction, secure access, and unit features such as private outdoor space and updated finishes supports a straightforward fit for long-term rental operations.
Located at 761-771 NW 1st Street in Little Havana, the property is positioned within easy reach of major destinations, including approximately ten minutes to Brickell, twelve minutes to Wynwood, fifteen minutes to the Health District, and twenty-three minutes to MIA.
For buyers seeking a stabilized residential income asset, the property is fully stabilized with one hundred percent occupancy, with no lease-up risk and no concession burn-off as stated in the offering. The combination of durable construction, secure access, and unit features such as private outdoor space and updated finishes supports a straightforward fit for long-term rental operations.
Key Highlights
- 16‑unit boutique multifamily community at 761–771 NW 1st Street, delivered in two phases (2017 and 2019).
- Fully stabilized with 100% occupancy; no lease‑up risk and no concession burn‑off.
- Concrete and CMU construction with impact‑rated glazing and key‑card entry.
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
$262,544
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
5.15%
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%
$5,250,880
$5.3M
Cap Rate 7%
$3,750,629
$3.8M
Cap Rate 9%
$2,917,156
$2.9M
Market Conditions
NOI Build-Up for 14,212 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
$511.6K $36.00/SF
− Vacancy
−$34.3K −$2.41/SF
EGI
$477.4K $33.59/SF
− OpEx
−$214.8K −$15.11/SF
NOI
$262.5K $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%
$5,250,880
Cap Rate 7%
$3,750,629
Cap Rate 9%
$2,917,156
Alternative Uses
Best Use
Apartment 5plus
$3.75M
$3.28M – $4.38M
NOI $262,544 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.59M
$8.39M – $11.19M
NOI $671,523 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,292
Businesses Nearby
Explore this area
Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
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 - A fully stabilized, impact-resistant 16-unit community with private rear yards and modern interiors.
Where is this apartment building located?
The property is located at 761 Northwest 1st Street Miami, FL.
What is the asking price?
The asking price for this property is $5,100,000.
What are key features of this property?
This property features: 16‑unit boutique multifamily community at 761–771 NW 1st Street, delivered in two phases (2017 and 2019).; Fully stabilized with 100% occupancy; no lease‑up risk and no concession burn‑off.; Concrete and CMU construction with impact‑rated glazing and key‑card entry.
