30-Unit Apartment
For Sale
$5,850,000
Pending
960 S Le Jeune Rd, Miami, FL 33134
Apartment community with 30 parking spaces, no pool, and 3 guest facilities, built in 1969.
Property Size23,818 SF
Days on Market2652
Property Features for 960 S Le Jeune Rd
General Information
Standard status
Pending
Size
23,818 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
30
Amenities
3
30 Parking Spaces.
Building Details
Year Built
1969
Listing Agency:
(305) 772-3897
Listed By:
The Keyes Company
(305) 772-3897
Source:
Xome
Added: May 5, 2019
Changed: Jul 30
Last Checked: Jul 30 at 6:23AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
Vega's Apartments is a 30-unit apartment community built in 1969. The property is listed as an apartment building totaling 23,818 SF and includes 3 guest facilities. Exterior amenities include 30 parking spaces, with no pool on site.
The community is located at 960 South LeJeune Road in Miami, Florida. The configuration supports tenants and visitors with dedicated parking and on-site guest facilities.
For investors or operators evaluating a multifamily asset, this property offers a straightforward apartment community layout with established improvements dating to the original build year, plus defined parking and guest-access support through the included facilities.
The community is located at 960 South LeJeune Road in Miami, Florida. The configuration supports tenants and visitors with dedicated parking and on-site guest facilities.
For investors or operators evaluating a multifamily asset, this property offers a straightforward apartment community layout with established improvements dating to the original build year, plus defined parking and guest-access support through the included facilities.
Key Highlights
- 30‑unit apartment community
- 23,818 SF apartment building
- 30 parking spaces on site
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
$439,999
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
7.52%
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%
$8,799,980
$8.8M
Cap Rate 7%
$6,285,700
$6.3M
Cap Rate 9%
$4,888,878
$4.9M
Market Conditions
NOI Build-Up for 23,818 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
$857.4K $36.00/SF
− Vacancy
−$57.4K −$2.41/SF
EGI
$800.0K $33.59/SF
− OpEx
−$360.0K −$15.11/SF
NOI
$440.0K $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%
$8,799,980
Cap Rate 7%
$6,285,700
Cap Rate 9%
$4,888,878
Alternative Uses
Best Use
Apartment 5plus
$6.29M
$5.50M – $7.33M
NOI $439,999 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$16.08M
$14.07M – $18.76M
NOI $1,125,411 @ 7.0% cap · market cap 19.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
3,360
Businesses Nearby
Explore this area
Business Placement
Demographics for 33134, FL
38,739
Population
18,136
Households
2.1
Avg Household Size
46
Median Age
54%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
7,450
Density / Sq Mi
$92,009
Median Household Income
$56,392
Median Earnings
$1,818
Median Rent
$660,200
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 - Apartment community with 30 parking spaces, no pool, and 3 guest facilities, built in 1969.
Where is this apartment building located?
The property is located at 960 S Le Jeune Rd Miami, FL.
What is the asking price?
The asking price for this property is $5,850,000.
What are key features of this property?
This property features: 30‑unit apartment community; 23,818 SF apartment building; 30 parking spaces on site
