12-Unit Apartment
For Sale
$2,350,000
220 NW 11th Ter, Miami, FL 33136
Residential Income, Miami, FL
Property Size6,234 SF
Lot Size0.17 Acres
Price / SF$376.97
Days on Market108
Property Features for 220 NW 11th Ter
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
6100
Parking
4
Subdivision
MIAMI NORTH
Lot features
< 1/4 Acre
Standard status
Active
APN
01-31-37-031-0170
Size
6,234 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
32 53 42 MIAMI NORTH SUB PB B-41 LOT 2 BLK 6 LOT SIZE 50.000 X 150 OR 17056-4759 1295 5
Tax Annual Amount
23151
Legal Description
32 53 42 MIAMI NORTH SUB PB B-41 LOT 2 BLK 6 LOT SIZE 50.000 X 150 OR 17056-4759 1295 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1960
Floors in Building
3
Flooring type
Vinyl
Building materials
Block
Roof type
Flat, Tile
Architectural style
Other
Listing Agency:
Compass Florida, LLC
(305) 851-2820
Listed By:
Arthur Porosoff · License #3160379
(305) 209-8866
Added: May 15
Changed: Aug 27
Last Checked: Aug 30 at 3:06PM
MLS# A12019487
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 12-unit apartment property in Miami’s Overtown neighborhood contains eleven two-bedroom/one-bath units and one one-bedroom/one-bath unit. The building provides approximately 6,234 square feet of rentable area on a 7,500-square-foot corner parcel. Built in 1960, the structure features block construction, vinyl flooring, central heating, central air, tile and flat roofing, public sewer, and cable availability.
The property is zoned T6-8-O, which permits development of up to 8 stories. Current occupancy is 83.3%. Its location in Miami’s urban core, combined with the corner parcel and development allowance, creates both an existing multifamily configuration and a zoning framework for future redevelopment.
The property is zoned T6-8-O, which permits development of up to 8 stories. Current occupancy is 83.3%. Its location in Miami’s urban core, combined with the corner parcel and development allowance, creates both an existing multifamily configuration and a zoning framework for future redevelopment.
Key Highlights
- 12‑unit apartment property with 11 two‑bedroom/one‑bath units and 1 one‑bedroom/one‑bath unit
- Approximately 6,234 square feet of rentable area on a 7,500 SF corner lot
- T6‑8‑O zoning permits development up to 8 stories
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
$115,163
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
4.90%
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%
$2,303,260
$2.3M
Cap Rate 7%
$1,645,186
$1.6M
Cap Rate 9%
$1,279,589
$1.3M
Market Conditions
NOI Build-Up for 6,234 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
$224.4K $36.00/SF
− Vacancy
−$15.0K −$2.41/SF
EGI
$209.4K $33.59/SF
− OpEx
−$94.2K −$15.11/SF
NOI
$115.2K $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%
$2,303,260
Cap Rate 7%
$1,645,186
Cap Rate 9%
$1,279,589
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,163 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.21M
$3.68M – $4.91M
NOI $294,559 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
83.3%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,157
Businesses Nearby
Explore this area
Business Placement
Demographics for 33136, FL
15,439
Population
7,994
Households
1.9
Avg Household Size
36
Median Age
25%
College-Educated
73%
High-School Grad
1.4 sq mi
ZIP Area
11,028
Density / Sq Mi
$43,481
Median Household Income
$34,130
Median Earnings
$1,337
Median Rent
$352,700
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 - Urban multifamily asset with a varied unit mix, corner-lot positioning, and T6-8-O zoning in Miami’s Overtown neighborhood.
Where is this apartment building located?
The property is located at 220 NW 11th Ter Miami, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 12‑unit apartment property with 11 two‑bedroom/one‑bath units and 1 one‑bedroom/one‑bath unit; Approximately 6,234 square feet of rentable area on a 7,500 SF corner lot; T6‑8‑O zoning permits development up to 8 stories
