Multifamily Property with 21
For Sale
Contact for pricing
980 Southwest 5th Street, Miami, FL 33130
Two adjacent apartment buildings offer 21 rental units with off-street parking for 16 cars and mixed wall units and central air.
Property Size13,810 SF
Price / SF$325.85
Days on Market57
Property Features for 980 Southwest 5th Street
General Information
Standard status
Active
Size
13,810 SF
Property subtype
Multifamily
Zoning
T4-R
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$198,545
Building Details
Buildings
2
Stories
3
Units
21
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Evan Kristol · License #FL SL640466
Source:
Crexi
Added: Jul 9
Changed: Aug 24
Last Checked: Sep 2 at 5:35PM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
The La France Apartments and 980 SW 5th Street comprise two adjacent apartment buildings totaling 21 residential units on a single site. The unit mix includes 17 one-bedroom, one-bathroom units with an average size of 636 square feet, and four two-bedroom, one-bathroom units averaging 748 square feet. The property includes off-street parking for 16 cars. Units feature a combination of wall units and central air conditioning.
The La France Apartments are located on the corner of SW 5th Street and SW 10th Avenue, with 980 SW 5th Street immediately to the east. The property is in a dense rental market area south of Flagler Street and north of SW 8th Street, with surrounding development that includes low- and medium-density apartment buildings and single-family homes.
Tenants are responsible for electric, while the owner pays for water, sewer, and trash removal. The property is zoned T4-R and sits on a site just over half an acre.
The La France Apartments are located on the corner of SW 5th Street and SW 10th Avenue, with 980 SW 5th Street immediately to the east. The property is in a dense rental market area south of Flagler Street and north of SW 8th Street, with surrounding development that includes low- and medium-density apartment buildings and single-family homes.
Tenants are responsible for electric, while the owner pays for water, sewer, and trash removal. The property is zoned T4-R and sits on a site just over half an acre.
Key Highlights
- Two adjacent apartment buildings total 21 units on a 0.52‑acre site.
- Unit mix: 17 one‑bed/one‑bath units averaging 636 SF, plus 4 two‑bed/one‑bath units at 748 SF.
- Off‑street parking for 16 cars 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
$255,118
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
5.67%
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%
$5,102,360
$5.1M
Cap Rate 7%
$3,644,543
$3.6M
Cap Rate 9%
$2,834,644
$2.8M
Market Conditions
NOI Build-Up for 13,810 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
$497.2K $36.00/SF
− Vacancy
−$33.3K −$2.41/SF
EGI
$463.9K $33.59/SF
− OpEx
−$208.7K −$15.11/SF
NOI
$255.1K $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%
$5,102,360
Cap Rate 7%
$3,644,543
Cap Rate 9%
$2,834,644
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.19M – $4.25M
NOI $255,118 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.32M
$8.16M – $10.88M
NOI $652,529 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,100
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 - Two adjacent apartment buildings offer 21 rental units with off-street parking for 16 cars and mixed wall units and central air.
Where is this apartment building located?
The property is located at 980 Southwest 5th Street Miami, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Two adjacent apartment buildings total 21 units on a 0.52‑acre site.; Unit mix: 17 one‑bed/one‑bath units averaging 636 SF, plus 4 two‑bed/one‑bath units at 748 SF.; Off‑street parking for 16 cars on‑site.
