5-Unit Apartment
New
For Sale
Contact for pricing
918 NW 5 St, Miami, FL 33128
T4-R Multifamily zoning supports a varied residential unit mix with month-to-month tenancy.
Property Size4,400 SF
Lot Size0.17 Acres
Price / SF$409.09
Days on Market5
Property Features for 918 NW 5 St
General Information
Standard status
Active
Size
4,400 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Zoning
T4-R Multifamily
Units
Unit Mix
3 x 3BR/2BA, 1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
5
Building Details
Year Built
1981
Buildings
1
Listing Agency:
Puro Commercial
Listed By:
Luis Nunez · License #FL BK3271692
Source:
Crexi
Added: Sep 7
Changed: Sep 10
Last Checked: Sep 11 at 5:11AM
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 Puro Commercial
Investment Insights
Based on property information with market context.
Located at 918 NW 5 St in Miami’s Riverside neighborhood, this apartment property contains five residential units within a 4,400-square-foot building on a 7,500-square-foot lot. Constructed in 1981, the asset carries T4-R Multifamily zoning and is configured for residential income use.
The unit composition includes three 3-bedroom/2-bathroom apartments, along with one 3-bedroom/1-bathroom unit and one 2-bedroom/1-bathroom unit. Tenancies are structured on a month-to-month basis, providing a flexible occupancy arrangement for the existing apartment configuration.
The unit composition includes three 3-bedroom/2-bathroom apartments, along with one 3-bedroom/1-bathroom unit and one 2-bedroom/1-bathroom unit. Tenancies are structured on a month-to-month basis, providing a flexible occupancy arrangement for the existing apartment configuration.
Key Highlights
- Five‑unit apartment building with 4,400 square feet of living space
- Unit mix includes three 3‑bedroom/2‑bathroom units, one 3‑bedroom/1‑bathroom unit, and one 2‑bedroom/1‑bathroom unit
- 7,500‑square‑foot lot in Miami’s Riverside neighborhood
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
$81,283
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
4.52%
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%
$1,625,660
$1.6M
Cap Rate 7%
$1,161,186
$1.2M
Cap Rate 9%
$903,144
$903.1K
Market Conditions
NOI Build-Up for 4,400 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
$158.4K $36.00/SF
− Vacancy
−$10.6K −$2.41/SF
EGI
$147.8K $33.59/SF
− OpEx
−$66.5K −$15.11/SF
NOI
$81.3K $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%
$1,625,660
Cap Rate 7%
$1,161,186
Cap Rate 9%
$903,144
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,283 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.97M
$2.60M – $3.47M
NOI $207,902 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,175
Businesses Nearby
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Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - T4-R Multifamily zoning supports a varied residential unit mix with month-to-month tenancy.
Where is this apartment building located?
The property is located at 918 NW 5 St Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Five‑unit apartment building with 4,400 square feet of living space; Unit mix includes three 3‑bedroom/2‑bathroom units, one 3‑bedroom/1‑bathroom unit, and one 2‑bedroom/1‑bathroom unit; 7,500‑square‑foot lot in Miami’s Riverside neighborhood
