27-Unit Apartment
New
For Sale
Contact for pricing
938 Southwest 7th Street, Miami, FL 33130
Corner apartment assemblage with fully occupied units and Transit Oriented District zoning.
Property Size57,297 SF
Lot Size1.32 Acres
Price / SF$350
Days on Market5
Property Features for 938 Southwest 7th Street
General Information
Standard status
Active
Size
57,297 SF
Lot size
1.32 Acres
Property subtype
Multifamily, Mixed Use, Land
Zoning
T5-L and T6-8-O
Occupancy
100%
Investment Type
Redevelopment
Additional Details
Road Access
Yes
Multifamily Units
27
Building Details
Buildings
8
Units
27
Tenancy
Multi
Listing Agency:
Keller Williams Realty Miami Portfolio Collection
(786) 210-0732
Listed By:
Barbara Ferran · License #3326239
Source:
Crexi
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 10 at 6:29AM
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 Keller Williams Realty Miami Portfolio Collection
Investment Insights
Based on property information with market context.
This apartment property combines approximately 1.32 acres across seven parcels at the corner of SW 7th Street and SW 10th Avenue. The assemblage includes 27 fully occupied units and is being conveyed as a single acquisition, with each parcel remaining under its own deed and all parcels required to close simultaneously. The property addresses are 938, 950, 960, 970, and 980 SW 7th Street, along with 711 and 721 SW 10th Avenue.
The site carries T5-L and T6-8-O zoning and is identified within a Transit Oriented District. Its East Little Havana setting places the property in the West Brickell micro-pocket. The land area totals approximately 57,297 square feet, providing a substantial development footprint alongside the existing occupied apartment units.
The site carries T5-L and T6-8-O zoning and is identified within a Transit Oriented District. Its East Little Havana setting places the property in the West Brickell micro-pocket. The land area totals approximately 57,297 square feet, providing a substantial development footprint alongside the existing occupied apartment units.
Key Highlights
- Approximately 1.32‑acre apartment property with 27 fully occupied units
- Seven‑parcel assemblage totaling 57,297 square feet of land
- Corner position at SW 7th Street and SW 10th Avenue
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
$1,058,470
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
5.28%
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%
$21,169,400
$21.2M
Cap Rate 7%
$15,121,000
$15.1M
Cap Rate 9%
$11,760,778
$11.8M
Market Conditions
NOI Build-Up for 57,297 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
$2.06M $36.00/SF
− Vacancy
−$138.2K −$2.41/SF
EGI
$1.92M $33.59/SF
− OpEx
−$866.0K −$15.11/SF
NOI
$1.06M $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%
$21,169,400
Cap Rate 7%
$15,121,000
Cap Rate 9%
$11,760,778
Alternative Uses
Best Use
Apartment 5plus
$15.12M
$13.23M – $17.64M
NOI $1,058,470 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$38.68M
$33.84M – $45.12M
NOI $2,707,309 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
27
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,366
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
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 - Corner apartment assemblage with fully occupied units and Transit Oriented District zoning.
Where is this apartment building located?
The property is located at 938 Southwest 7th Street Miami, FL.
What is the asking price?
The asking price for this property is $20,053,950.
What are key features of this property?
This property features: Approximately 1.32‑acre apartment property with 27 fully occupied units; Seven‑parcel assemblage totaling 57,297 square feet of land; Corner position at SW 7th Street and SW 10th Avenue
