Six-Unit Apartment
For Sale
$2,000,000
932 Northwest 5th Street, Miami, FL 33128
1974 apartment property with completed 40-year certification and convenient access to I-95.
Property Size3,482 SF
Price / SF$574.38
Days on Market390
Property Features for 932 Northwest 5th Street
General Information
Standard status
Active
Size
3,482 SF
Property subtype
Commercial Sale / Multi Family
Units
Unit Mix
4 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$22,514
Amenities
No
Building Details
Year Built
1974
Listing Agency:
Gabriela Rodino Group LLC
(305) 338-5355
Listed By:
Gabriela Rodino · License #3375414
(305) 338-5355
Source:
Compass
Added: Aug 6, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:41AM
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 Gabriela Rodino Group LLC
Investment Insights
Based on property information with market context.
Built in 1974, this apartment property contains six units configured as four 2-bedroom, 1-bath residences and two 1-bedroom, 1-bath residences. The building encompasses 3,482 square feet and has completed its 40-year certification.
The property is located in East Little Havana with access to I-95 and proximity to UM Hospital Center, Brickell, Downtown Miami, and Marlins Stadium. Its six-unit configuration provides a defined multifamily layout in an established Miami setting.
The property is located in East Little Havana with access to I-95 and proximity to UM Hospital Center, Brickell, Downtown Miami, and Marlins Stadium. Its six-unit configuration provides a defined multifamily layout in an established Miami setting.
Key Highlights
- Six units: four 2‑bedroom, 1‑bath residences and two 1‑bedroom, 1‑bath residences
- 3,482 SF apartment property built in 1974
- 40‑year certification complete
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
$64,324
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
3.22%
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%
$1,286,480
$1.3M
Cap Rate 7%
$918,914
$918.9K
Cap Rate 9%
$714,711
$714.7K
Market Conditions
NOI Build-Up for 3,482 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
$125.4K $36.00/SF
− Vacancy
−$8.4K −$2.41/SF
EGI
$117.0K $33.59/SF
− OpEx
−$52.6K −$15.11/SF
NOI
$64.3K $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%
$1,286,480
Cap Rate 7%
$918,914
Cap Rate 9%
$714,711
Alternative Uses
Best Use
Apartment 5plus
$918.9K
$804.1K – $1.07M
NOI $64,324 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.35M
$2.06M – $2.74M
NOI $164,526 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,100
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 1974 apartment property with completed 40-year certification and convenient access to I-95.
Where is this apartment building located?
The property is located at 932 Northwest 5th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Six units: four 2‑bedroom, 1‑bath residences and two 1‑bedroom, 1‑bath residences; 3,482 SF apartment property built in 1974; 40‑year certification complete
