Two-Story Multifamily Building with Impact
For Sale
$1,700,000
85 W 28th St, Hialeah, FL 33010
MULTI_FAMILY - Hialeah, FL
Property Size4,905 SF
Lot Size0.15 Acres
Price / SF$346.59
Days on Market9
Property Features for 85 W 28th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
4600
Parking
10
Parking features
Assigned
Security features
Security System
Subdivision
31
Standard status
Active
APN
04-31-07-004-0930
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
7 53 41 HIALEAH 11TH ADD PB 9-76 LOT 28 BLK 175 LOT SIZE 50.000 X 129 OR 13265-1209 0487 1
Tax Annual Amount
13920
Legal Description
7 53 41 HIALEAH 11TH ADD PB 9-76 LOT 28 BLK 175 LOT SIZE 50.000 X 129 OR 13265-1209 0487 1
Utilities
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
security cameras
impact windows
Building Details
Year built
1971
Floors in Building
2
Number of units
8
Flooring type
Terrazzo
Building materials
Block
Roof type
Composition
Listing Agency:
RE/MAX United Realty · RE/MAX International
(305) 575-2727
Listed By:
Saul Milian · License #3325806
(305) 298-7079
Added: Jul 30
Changed: Aug 3
Last Checked: Aug 7 at 4:06AM
MLS# A12058410
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Two-story multifamily building with 4,905 sq ft of living space on a 6,450 sq ft lot, built in 1971. The property features block construction and terrazzo flooring, with wall furnace heat and window or wall/window unit cooling. Unit mix includes four 1BD/1BA units and four 2BD/1BA units. Updates include a composition roof installed about one year ago, plus security cameras and impact windows.
The building is 100% occupied with flexible month-to-month leases. Parking is available with assigned spaces, and the property is served by public water.
With consistent year-over-year growth noted for the market, the current operating structure supports a 4% cap rate, along with pro forma potential for immediate 5-10% rent upside based on below-market rates and strong local demand.
The building is 100% occupied with flexible month-to-month leases. Parking is available with assigned spaces, and the property is served by public water.
With consistent year-over-year growth noted for the market, the current operating structure supports a 4% cap rate, along with pro forma potential for immediate 5-10% rent upside based on below-market rates and strong local demand.
Key Highlights
- 4,905 sq ft of living space on a 6,450 sq ft lot
- Built in 1971 with block construction and terrazzo flooring
- Unit mix: four 1BD/1BA and four 2BD/1BA units
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
Property Profile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story building with a mix of four 1BR and four 2BR units, secured with impact windows and security cameras.
Where is this apartment building located?
The property is located at 85 W 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: 4,905 sq ft of living space on a 6,450 sq ft lot; Built in 1971 with block construction and terrazzo flooring; Unit mix: four 1BD/1BA and four 2BD/1BA units
