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102 SW 16th Ave 24 Unit Apartment Building $4,000,000 ($166,667/Unit) 4.36% Cap Rate Miami, FL 33135
Investment Highlights
- Mixed use building with retail and apartments
- Excellent location on the corner of SW 1st Street
- Rental rates are well below market
- Value-Add opportunity
- Several blocks from Loan Depot Park
- Elevator Served building
Executive Summary
102 SW 16th Avenue is an excellent value-add opportunity for a very well located building in the Little Havana market. The rents in the property are well below market for the retail and residential units. The building is a three-story mixed-use building located on the corner of SW 1st Street and 16th Avenue. It is an elevator served building with six retail bays with approximately 4,536 SF and two-floors of residential units with a total of 18 apartments. There are six studios with about 350 SF and 12 one bedroom/one-bathroom apartments with about 600 SF. The building has a T5-O zoning and is situated on a .22 Acre lot. The tenants are responsible for electric and the owner pays for water, sewer and trash removal.
102 SW 16th Ave is located on the corner of SW 1st Street and SW 16tt Avenue. SW 1st Street is the eastbound portion of Flagler Street and is a heavy commercial corridor lined with retail, office and mixed use building. The property is several blocks south of Loan Depot Park which is home to the Miami Marlins. The area is very densely populated and is a very strong rental market. Little Havana extremely high occupancy can be contributed to its excellent location right in the middle of South Florida’s major employment centers including the Health District to the north, Downtown Miami, Brickell and Port Miami to the east, Coconut Grove to the South and Coral Gables and Miami International Airport to the West.
102 SW 16th Ave is located on the corner of SW 1st Street and SW 16tt Avenue. SW 1st Street is the eastbound portion of Flagler Street and is a heavy commercial corridor lined with retail, office and mixed use building. The property is several blocks south of Loan Depot Park which is home to the Miami Marlins. The area is very densely populated and is a very strong rental market. Little Havana extremely high occupancy can be contributed to its excellent location right in the middle of South Florida’s major employment centers including the Health District to the north, Downtown Miami, Brickell and Port Miami to the east, Coconut Grove to the South and Coral Gables and Miami International Airport to the West.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$351,240
|
$29.23
|
| Other Income |
$7,594
|
$0.63
|
| Vacancy Loss |
$17,562
|
$1.46
|
| Effective Gross Income |
$341,272
|
$28.40
|
| Taxes |
$61,403
|
$5.11
|
| Operating Expenses |
$105,357
|
$8.77
|
| Total Expenses |
$166,760
|
$13.88
|
| Net Operating Income |
$174,512
|
$14.52
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $351,240 |
| Annual Per SF | $29.23 |
| Other Income | |
|---|---|
| Annual | $7,594 |
| Annual Per SF | $0.63 |
| Vacancy Loss | |
|---|---|
| Annual | $17,562 |
| Annual Per SF | $1.46 |
| Effective Gross Income | |
|---|---|
| Annual | $341,272 |
| Annual Per SF | $28.40 |
| Taxes | |
|---|---|
| Annual | $61,403 |
| Annual Per SF | $5.11 |
| Operating Expenses | |
|---|---|
| Annual | $105,357 |
| Annual Per SF | $8.77 |
| Total Expenses | |
|---|---|
| Annual | $166,760 |
| Annual Per SF | $13.88 |
| Net Operating Income | |
|---|---|
| Annual | $174,512 |
| Annual Per SF | $14.52 |
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Security System
- Refrigerator
- Oven
- Sprinkler System
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Trash Pickup - Curbside
- Elevator
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $1,114 | 350 |
| 1+1 | 12 | $1,242 | 600 |
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Exceptionally walkable
90/100
Fairly drivable
40/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 01-4102-006-1240 | Total Assessment | $1,605,752 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | $61,403 ($5.11/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
01-4102-006-1240
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$1,605,752 (2025)
Annual Taxes
$61,403 ($5.11/SF)
Tax Year
2026
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