12-Unit Multifamily Income
For Sale
$2,198,000
829 SW 19th Avenue, Miami, FL 33135
For sale 12-unit multifamily building on a 5,900 SF lot, zoned T4-R and positioned in Little Havana.
Property Size3,470 SF
Lot Size5,900.00 Acres
Price / SF$633.43
Days on Market59
Property Features for 829 SW 19th Avenue
General Information
Standard status
Active
Size
3,470 SF
Lot size
5,900.00 Acres
Property subtype
Multi Family
Zoning
T4-R
Additional Details
Highway Access
Yes
Multifamily Units
12
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
Doral Isles International Real Estate
(786) 306-9996
Listed By:
Gladys Benitez · License #R11165434
(786) 306-9996
Source:
Lehmannflorida
Added: Jul 1
Changed: Aug 25
Last Checked: Aug 28 at 11:21AM
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 Doral Isles International Real Estate
Investment Insights
Based on property information with market context.
This for-sale multifamily property consists of 12 residential units within approximately 3,470 SF of living area. The asset is situated on a 5,900 SF lot and is zoned T4-R, supporting its multifamily use.
Located in Historic Little Havana (Shenandoah) south of SW 8th Street, the property offers convenient access to major destinations throughout Miami. It is described as just minutes from I-95, Brickell, Downtown Miami, Coral Gables, and Miami International Airport. The surrounding area is noted for its lively local business corridor and public transportation options, including multiple bus routes and complimentary Miami Trolley service.
For buyers and operators seeking a small-scale residential income building in a dense, transit-served neighborhood, the 12-unit configuration provides an immediate turnkey operating format under the property’s current zoning. Prospective tenants benefit from the area’s established dining, shopping, and neighborhood events, with convenient connectivity to Miami’s business districts and airport access.
Located in Historic Little Havana (Shenandoah) south of SW 8th Street, the property offers convenient access to major destinations throughout Miami. It is described as just minutes from I-95, Brickell, Downtown Miami, Coral Gables, and Miami International Airport. The surrounding area is noted for its lively local business corridor and public transportation options, including multiple bus routes and complimentary Miami Trolley service.
For buyers and operators seeking a small-scale residential income building in a dense, transit-served neighborhood, the 12-unit configuration provides an immediate turnkey operating format under the property’s current zoning. Prospective tenants benefit from the area’s established dining, shopping, and neighborhood events, with convenient connectivity to Miami’s business districts and airport access.
Key Highlights
- 12‑unit multifamily building built in 1925 with approximately 3,470 SF of living area
- 5,900 SF lot in Miami’s Historic Little Havana (Shenandoah), south of SW 8th Street
- Zoned T4‑R for multifamily use
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
$64,103
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
2.92%
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%
$1,282,060
$1.3M
Cap Rate 7%
$915,757
$915.8K
Cap Rate 9%
$712,256
$712.3K
Market Conditions
NOI Build-Up for 3,470 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
$124.9K $36.00/SF
− Vacancy
−$8.4K −$2.41/SF
EGI
$116.6K $33.59/SF
− OpEx
−$52.4K −$15.11/SF
NOI
$64.1K $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%
$1,282,060
Cap Rate 7%
$915,757
Cap Rate 9%
$712,256
Alternative Uses
Best Use
Apartment 5plus
$915.8K
$801.3K – $1.07M
NOI $64,103 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.34M
$2.05M – $2.73M
NOI $163,959 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,972
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?
Apartment building - For sale 12-unit multifamily building on a 5,900 SF lot, zoned T4-R and positioned in Little Havana.
Where is this apartment building located?
The property is located at 829 SW 19th Avenue Miami, FL.
What is the asking price?
The asking price for this property is $2,198,000.
What are key features of this property?
This property features: 12‑unit multifamily building built in 1925 with approximately 3,470 SF of living area; 5,900 SF lot in Miami’s Historic Little Havana (Shenandoah), south of SW 8th Street; Zoned T4‑R for multifamily use
