5-Unit Apartment
For Sale
$895,000
2110 NW 24th St, Miami, FL 33142
Residential Income, Miami, FL
Property Size2,508 SF
Price / SF$356.86
Days on Market124
Property Features for 2110 NW 24th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Bedrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Parking
5
Subdivision
ALLAPATTAH HIGHLANDS ADDN
Lot features
< 1/4 Acre
Standard status
Active
APN
01-31-27-029-0040
Size
2,508 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
27 53 41 PB 42-5 ALLAPATTAH HIGHLANDS ADD 2ND REV LOT 15 BLK 2 LOT SIZE 7148 SQUARE FEET OR 15050-3783 0591 2
Tax Annual Amount
12113
Legal Description
27 53 41 PB 42-5 ALLAPATTAH HIGHLANDS ADD 2ND REV LOT 15 BLK 2 LOT SIZE 7148 SQUARE FEET OR 15050-3783 0591 2
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1956
Floors in Building
1
Building materials
Block
Roof type
Concrete
Architectural style
Other
Listing Agency:
Real Estate Sales Force
(305) 392-1497
Listed By:
Antonio Cristobal · License #3253230
(786) 457-3211
Added: Apr 23
Changed: Aug 20
Last Checked: Aug 24 at 9:06PM
MLS# A12006473
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains 2,508 square feet and was built in 1956. Every unit is configured with 1 bedroom and 1 bathroom, and the building is currently 100% occupied. Construction includes block walls and a concrete roof, with cooling provided by window or wall/window units. The property is served by public sewer.
Located in Miami-Dade County, the building offers access to major highways, public transportation, and employment centers. The recently completed 40-year recertification is an important property milestone. The asset may also be acquired with 2100 NW 24 ST as part of a 10-unit portfolio, subject to the transaction terms established by the seller.
Located in Miami-Dade County, the building offers access to major highways, public transportation, and employment centers. The recently completed 40-year recertification is an important property milestone. The asset may also be acquired with 2100 NW 24 ST as part of a 10-unit portfolio, subject to the transaction terms established by the seller.
Key Highlights
- 5 apartment units, each with 1 bedroom and 1 bathroom
- 100% occupied
- 2,508 SF building constructed in 1956
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
$46,331
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
5.18%
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%
$926,620
$926.6K
Cap Rate 7%
$661,871
$661.9K
Cap Rate 9%
$514,789
$514.8K
Market Conditions
NOI Build-Up for 2,508 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
$90.3K $36.00/SF
− Vacancy
−$6.0K −$2.41/SF
EGI
$84.2K $33.59/SF
− OpEx
−$37.9K −$15.11/SF
NOI
$46.3K $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%
$926,620
Cap Rate 7%
$661,871
Cap Rate 9%
$514,789
Alternative Uses
Best Use
Apartment 5plus
$661.9K
$579.1K – $772.2K
NOI $46,331 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.69M
$1.48M – $1.98M
NOI $118,504 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,696
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with consistent one-bedroom, one-bathroom layouts and recently completed 40-year recertification.
Where is this apartment building located?
The property is located at 2110 NW 24th St Miami, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 5 apartment units, each with 1 bedroom and 1 bathroom; 100% occupied; 2,508 SF building constructed in 1956
