Eight-Unit Apartment
For Sale
$1,700,000
85 28th St, Hialeah, FL 33010
Four one-bedroom and four two-bedroom residences support flexible month-to-month leasing.
Property Size4,905 SF
Lot Size0.15 Acres
Price / SF$346.59
Days on Market26
Property Features for 85 28th St
General Information
Standard status
Active
Size
4,905 SF
Lot size
0.15 Acres
Property subtype
General Commercial
Occupancy
100%
Net Operating Income
$75,800
Financials
Cap Rate
4%
Gross Income
$124,800
Units
Unit Mix
4 x 1BD/1BA, 4 x 2BD/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$13,921
Amenities
3
10 Parking Spaces.
Building Details
Year Built
1971
Buildings
1
Stories
2
Listing Agency:
RE/MAX United Realty
(305) 298-7079
Listed By:
Saul Milian · License #3325806
(305) 298-7079
Source:
Xome
Added: Jul 13
Changed: Aug 2
Last Checked: Aug 6 at 4:41AM
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 RE/MAX United Realty
Investment Insights
Based on property information with market context.
This two-story apartment property contains 4,905 square feet of living space on a 6,450-square-foot lot. Built in 1971, the building includes eight units: four configured with one bedroom and one bathroom, plus four with two bedrooms and one bathroom. Recent property improvements include a 1 year old roof, impact windows, and security cameras. The asset also provides 10 parking spaces.
All units are occupied under flexible month-to-month leases. Located at 85 28th St in Hialeah, the property offers an established multifamily configuration with a balanced unit mix and current occupancy in place. The reported cap rate is 4%.
All units are occupied under flexible month-to-month leases. Located at 85 28th St in Hialeah, the property offers an established multifamily configuration with a balanced unit mix and current occupancy in place. The reported cap rate is 4%.
Key Highlights
- Eight units: four 1BD/1BA and four 2BD/1BA apartments
- 4,905 sq ft building on a 6,450 sq ft lot
- 100% occupied with flexible month‑to‑month leases
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
$65,683
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
3.86%
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%
$1,313,660
$1.3M
Cap Rate 7%
$938,329
$938.3K
Cap Rate 9%
$729,811
$729.8K
Market Conditions
NOI Build-Up for 4,905 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
$127.7K $26.04/SF
− Vacancy
−$8.3K −$1.69/SF
EGI
$119.4K $24.35/SF
− OpEx
−$53.7K −$10.96/SF
NOI
$65.7K $13.39/SF
Area
Hialeah, FL
Vacancy
6.50%
Lease Rate
$26.04 /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%
$1,313,660
Cap Rate 7%
$938,329
Cap Rate 9%
$729,811
Alternative Uses
Best Use
Apartment 5plus
$938.3K
$821.0K – $1.09M
NOI $65,683 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,143 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,858
Businesses Nearby
Explore this area
Business Placement
Demographics for 33010, FL
43,902
Population
16,456
Households
2.7
Avg Household Size
48
Median Age
20%
College-Educated
71%
High-School Grad
4.3 sq mi
ZIP Area
10,210
Density / Sq Mi
$45,449
Median Household Income
$30,466
Median Earnings
$1,318
Median Rent
$346,500
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 - Four one-bedroom and four two-bedroom residences support flexible month-to-month leasing.
Where is this apartment building located?
The property is located at 85 28th St Hialeah, FL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Eight units: four 1BD/1BA and four 2BD/1BA apartments; 4,905 sq ft building on a 6,450 sq ft lot; 100% occupied with flexible month‑to‑month leases
