Four-Unit Quadplex with
For Sale
$1,250,000
Pending
955 W 23rd St, Hialeah, FL 33010
Two-story CBS property with individual mini-split systems, a 2025 roof, and completed 40-year recertification.
Property Size3,544 SF
Lot Size0.12 Acres
Days on Market46
Property Features for 955 W 23rd St
General Information
Standard status
Pending
Size
3,544 SF
Lot size
0.12 Acres
Property subtype
Investment
Zoning
R-3-5
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$66,000
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,990
Amenities
on-site laundry
mini-split AC
Building Details
Building Size
3,544 SF
Year Built
1969
Buildings
1
Stories
2
Units
4
Construction
CBS
Listing Agency:
Fausto Commercial Realty Consultants
Listed By:
Mauricio Villasuso · License #3254982
(305) 340-8901
Source:
Elliman
Added: Jul 21
Changed: Aug 30
Last Checked: Sep 1 at 10:09PM
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 Fausto Commercial Realty Consultants
Investment Insights
Based on property information with market context.
This four-unit quadplex at 955 W 23rd St in Hialeah, FL 33010 was built in 1969 and contains four 2-bedroom, 1-bathroom residences. Two units are arranged on each floor, and the property includes on-site laundry. Individual mini-split AC systems serve the units, while CBS construction provides the building structure. Major completed improvements include a new roof installed in 2025 and a completed 40-year recertification.
The building occupies a 5,300 SF corner lot with R-3-5 (High-Density) zoning. The property is located minutes from Miami International Airport, the Okeechobee Metro-rail Station, and the Palm Avenue corridor. WalkScore is 76, BikeScore is 62, and TransitScore is 54.
The building occupies a 5,300 SF corner lot with R-3-5 (High-Density) zoning. The property is located minutes from Miami International Airport, the Okeechobee Metro-rail Station, and the Palm Avenue corridor. WalkScore is 76, BikeScore is 62, and TransitScore is 54.
Key Highlights
- Four 2‑bedroom, 1‑bathroom units arranged as two residences per floor
- New roof completed in 2025
- Completed 40‑year recertification
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
$50,943
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
4.08%
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%
$1,018,860
$1.0M
Cap Rate 7%
$727,757
$727.8K
Cap Rate 9%
$566,033
$566.0K
Market Conditions
NOI Build-Up for 3,544 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
$78.7K $22.20/SF
− Vacancy
−$5.9K −$1.67/SF
EGI
$72.8K $20.54/SF
− OpEx
−$21.8K −$6.16/SF
NOI
$50.9K $14.37/SF
Area
Hialeah, FL
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,018,860
Cap Rate 7%
$727,757
Cap Rate 9%
$566,033
Alternative Uses
Best Use
Multifamily LT 5
$727.8K
$636.8K – $849.1K
NOI $50,943 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$678.0K
$593.2K – $791.0K
NOI $47,458 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,644 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,775
Businesses Nearby
Explore this area
Business Placement
Demographics for 33010, FL
43,902
Population
16,456
Households
2.7
Avg Household Size
48
Median Age
20%
College-Educated
71%
High-School Grad
4.3 sq mi
ZIP Area
10,210
Density / Sq Mi
$45,449
Median Household Income
$30,466
Median Earnings
$1,318
Median Rent
$346,500
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?
Quadplex - Two-story CBS property with individual mini-split systems, a 2025 roof, and completed 40-year recertification.
Where is this quadplex located?
The property is located at 955 W 23rd St Hialeah, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bathroom units arranged as two residences per floor; New roof completed in 2025; Completed 40‑year recertification
