24-Unit Apartment
New
For Sale
$5,400,000
871 SW 3rd St, Miami, FL 33130
The fully leased property consists entirely of one-bedroom, one-bath apartments.
Property Size11,700 SF
Days on Market4
Property Features for 871 SW 3rd St
General Information
Standard status
Active
Size
11,700 SF
Property subtype
Income/MultiFamily
Occupancy
100%
Financials
Asking Price
$5,400,000
Cap Rate
5.92%
Average Monthly Rent
$1,685
Units
Unit Mix
24 x 1BR/1BA
Multifamily Units
24
Building Details
Building Size
11,700 SF
Year Built
1925
Listing Agency:
APEX Capital Realty LLC
Listed By:
Miguel Pinto · License #3313310
(305) 570-2600
Source:
Relinkre
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 12:50PM
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 APEX Capital Realty LLC
Investment Insights
Based on property information with market context.
This 24-unit apartment property was built in 1925 and contains 24 one-bedroom, one-bath residences. Occupancy is 100%, and the completed 40-year recertification is an additional property milestone.
In Miami’s East Little Havana, the address sits between the Little Havana core and Brickell, with Downtown Miami and the Miami River described as minutes away. Existing financing may be assumed at a rate below 6%, with about four years remaining. The stated cap rate is 5.92% on reassessed NOI.
In Miami’s East Little Havana, the address sits between the Little Havana core and Brickell, with Downtown Miami and the Miami River described as minutes away. Existing financing may be assumed at a rate below 6%, with about four years remaining. The stated cap rate is 5.92% on reassessed NOI.
Key Highlights
- 24 apartments, each with one bedroom and one bathroom
- 100% occupied
- 40‑year recertification completed
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
$216,139
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
4.00%
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%
$4,322,780
$4.3M
Cap Rate 7%
$3,087,700
$3.1M
Cap Rate 9%
$2,401,544
$2.4M
Market Conditions
NOI Build-Up for 11,700 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
$421.2K $36.00/SF
− Vacancy
−$28.2K −$2.41/SF
EGI
$393.0K $33.59/SF
− OpEx
−$176.8K −$15.11/SF
NOI
$216.1K $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%
$4,322,780
Cap Rate 7%
$3,087,700
Cap Rate 9%
$2,401,544
Alternative Uses
Best Use
Apartment 5plus
$3.09M
$2.70M – $3.60M
NOI $216,139 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.90M
$6.91M – $9.21M
NOI $552,830 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
24
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,822
Businesses Nearby
Explore this area
Business Placement
Demographics for 33130, FL
35,609
Population
20,377
Households
1.7
Avg Household Size
36
Median Age
42%
College-Educated
81%
High-School Grad
1.1 sq mi
ZIP Area
32,372
Density / Sq Mi
$57,933
Median Household Income
$36,888
Median Earnings
$1,656
Median Rent
$479,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The fully leased property consists entirely of one-bedroom, one-bath apartments.
Where is this apartment building located?
The property is located at 871 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: 24 apartments, each with one bedroom and one bathroom; 100% occupied; 40‑year recertification completed
