Miami Multifamily Investment
For Sale
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10860 SW 3rd St, Miami, FL 33174
Mint condition 10-unit apartment building near FIU main campus.
Property Size7,500 SF
Price / SF$486.67
Days on Market1526
Property Features for 10860 SW 3rd St
General Information
Standard status
Active
Size
7,500 SF
Class
A
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
RM-24
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$177,000
Building Details
Year Built
1971
Year Renovated
2022
Buildings
1
Stories
1
Units
10
Listing Agency:
MJ Estates, Inc.
Listed By:
Mauricio Jalil · License #3207268
(305) 984-8693
Source:
Crexi
Added: Sep 2, 2022
Changed: Nov 1
Last Checked: Nov 4 at 11:19AM
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 MJ Estates, Inc.
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Investment Insights
Based on property information with market context.
This is a 10-unit apartment building located in Sweet Water, just blocks from the Miami Dade FIU main campus. The property consists of five 2-bedroom, 1-bathroom units and five 1-bedroom, 1-bathroom units. The property is in mint condition and features long-term tenants. There is potential for rent increases and low expenses. A 40-year certification and CU are in place. The current gross income is $195,800 at a 4% cap rate, scheduled to increase by December/January 2024 at 5.5% cap. The property size is 7,500 square feet.
Key Highlights
- Mint condition 10‑unit apartment building.
- Located blocks from Miami Dade FIU main campus.
- 5 units are 2/1's and 5 units are 1/1's.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,551
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,771,020
$2.8M
Cap Rate 7%
$1,979,300
$2.0M
Cap Rate 9%
$1,539,456
$1.5M
Market Conditions
NOI Build-Up for 7,500 SF
Gross rent
$270.0K $36.00/SF
− Vacancy
−$18.1K −$2.41/SF
EGI
$251.9K $33.59/SF
− OpEx
−$113.4K −$15.11/SF
NOI
$138.6K $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 Rate 5%
$2,771,020
Cap Rate 7%
$1,979,300
Cap Rate 9%
$1,539,456
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,551 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.06M
$4.43M – $5.91M
NOI $354,378 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
1,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 33174, FL
32,962
Population
11,474
Households
2.9
Avg Household Size
42
Median Age
29%
College-Educated
75%
High-School Grad
3.1 sq mi
ZIP Area
10,633
Density / Sq Mi
$59,599
Median Household Income
$30,210
Median Earnings
$1,786
Median Rent
$379,000
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
Frequently Asked Questions
What type of property is this?
Apartment building - Mint condition 10-unit apartment building near FIU main campus.
Where is this apartment building located?
The property is located at 10860 SW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Mint condition 10‑unit apartment building.; Located blocks from Miami Dade FIU main campus.; 5 units are 2/1's and 5 units are 1/1's.
