Two-Property Multifamily
For Sale
$1,175,000
904 Sw 10th Ave, Hallandale, FL 33009
Neighboring multifamily properties offered together for an income-producing ownership strategy.
Property Size2,244 SF
Price / SF$523.62
Days on Market152
Property Features for 904 Sw 10th Ave
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$14,168
Listing Agency:
Sunshine Miami Realty
Listed By:
Jose Martin III · License #3177826
(305) 300-3424
Source:
Exprealty
Added: Apr 14
Changed: Sep 11
Last Checked: Sep 12 at 10:36AM
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 Sunshine Miami Realty
Investment Insights
Based on property information with market context.
This offering includes two adjacent multifamily properties presented together as a single investment opportunity. The combined property size is listed as 2,244, with the source data not specifying a unit of measurement.
The offering is positioned for an owner seeking multifamily real estate with income-producing use potential, including an investor expanding an existing portfolio or pursuing an owner-occupancy strategy.
The offering is positioned for an owner seeking multifamily real estate with income-producing use potential, including an investor expanding an existing portfolio or pursuing an owner-occupancy strategy.
Key Highlights
- Two neighboring multifamily properties offered together
- Combined property size listed as 2,244
- Suitable for portfolio expansion or an owner‑occupancy strategy
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
$34,511
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
2.94%
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%
$690,220
$690.2K
Cap Rate 7%
$493,014
$493.0K
Cap Rate 9%
$383,456
$383.5K
Market Conditions
NOI Build-Up for 2,244 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
$65.7K $29.28/SF
− Vacancy
−$3.0K −$1.32/SF
EGI
$62.7K $27.96/SF
− OpEx
−$28.2K −$12.58/SF
NOI
$34.5K $15.38/SF
Area
Broward County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$690,220
Cap Rate 7%
$493,014
Cap Rate 9%
$383,456
Alternative Uses
Best Use
Apartment 5plus
$493.0K
$431.4K – $575.2K
NOI $34,511 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$996.2K – $1.33M
NOI $79,693 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 33009, FL
43,301
Population
31,020
Households
1.4
Avg Household Size
47
Median Age
36%
College-Educated
88%
High-School Grad
4.9 sq mi
ZIP Area
8,837
Density / Sq Mi
$48,196
Median Household Income
$33,928
Median Earnings
$1,576
Median Rent
$248,300
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?
Multifamily property - Neighboring multifamily properties offered together for an income-producing ownership strategy.
Where is this multifamily property located?
The property is located at 904 Sw 10th Ave Hallandale, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Two neighboring multifamily properties offered together; Combined property size listed as 2,244; Suitable for portfolio expansion or an owner‑occupancy strategy
