Remodeled Multifamily
New
For Sale
$1,200,000
821 SW 29th Ct, Miami, FL 33135
Updated apartments offer private patios, on-site laundry, and dedicated parking spaces.
Property Size1,970 SF
Days on Market2
Property Features for 821 SW 29th Ct
General Information
Standard status
Active
Size
1,970 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$10,203
Building Details
Building Size
1,970 SF
Year Built
1945
Stories
1
Units
4
Listing Agency:
Binter Real Estate
Listed By:
Maria Marianeschi · License #3362667
(305) 733-8184
Source:
Elliman
Added: Sep 5
Last Checked: Sep 5 at 3:47PM
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 Binter Real Estate
Investment Insights
Based on property information with market context.
Built in 1945, this multifamily property includes remodeled apartment units with updated interiors. Some units feature enclosed private patios, while on-site washer and dryer facilities and dedicated parking spaces add practical resident amenities. The property is exempt from 40/50 Year rectification requirements.
Located at 821 SW 29th Ct in Miami, the property sits in Little Havana, approximately half a block from Calle 8. Walk Score is 67, Transit Score is 52, and Bike Score is 48, reflecting access to walking, transit, and biking options in the surrounding area.
Located at 821 SW 29th Ct in Miami, the property sits in Little Havana, approximately half a block from Calle 8. Walk Score is 67, Transit Score is 52, and Bike Score is 48, reflecting access to walking, transit, and biking options in the surrounding area.
Key Highlights
- Remodeled apartment interiors
- Enclosed private patios in some units
- On‑site washer and dryer
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
$36,393
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
3.03%
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%
$727,860
$727.9K
Cap Rate 7%
$519,900
$519.9K
Cap Rate 9%
$404,367
$404.4K
Market Conditions
NOI Build-Up for 1,970 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
$70.9K $36.00/SF
− Vacancy
−$4.8K −$2.41/SF
EGI
$66.2K $33.59/SF
− OpEx
−$29.8K −$15.11/SF
NOI
$36.4K $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%
$727,860
Cap Rate 7%
$519,900
Cap Rate 9%
$404,367
Alternative Uses
Best Use
Apartment 5plus
$519.9K
$454.9K – $606.6K
NOI $36,393 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,083 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,159
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated apartments offer private patios, on-site laundry, and dedicated parking spaces.
Where is this multifamily property located?
The property is located at 821 SW 29th Ct Miami, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Remodeled apartment interiors; Enclosed private patios in some units; On‑site washer and dryer
