Residential Income Land
For Sale
Contact for pricing
118 NW 24th St, Miami, FL 33127
Land in Wynwood totaling 7,500 sf features 8 existing residential units under zoning T5-o (Nrd-1).
Property Size7,500 SF
Lot Size0.17 Acres
Price / SF$522
Days on Market424
Property Features for 118 NW 24th St
General Information
Standard status
Active
Size
7,500 SF
Lot size
0.17 Acres
Property subtype
LAND
Zoning
T5-o (Nrd-1)
Additional Details
Multifamily Units
8
Listing Agency:
Gridline Properties
Listed By:
Alfredo Riascos · License #3210686
(305) 507-7098
Source:
Moodyscre
Added: Jul 24, 2025
Changed: Sep 6
Last Checked: Sep 20 at 10:07AM
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 Gridline Properties
Investment Insights
Based on property information with market context.
This offering is a land parcel in Wynwood with a total lot size of 7,500 square feet. The site includes an existing unit mix of 8 residential units, providing immediate on-site improvements consistent with a residential income setup.
The property is identified for zoning as T5-o (Nrd-1). The parcel is listed for sale at 118 NW 24th St, Miami, FL 33127.
For buyers seeking a residential income-oriented land purchase, this configuration offers an 8-unit existing framework on a defined lot size within the stated zoning district.
The property is identified for zoning as T5-o (Nrd-1). The parcel is listed for sale at 118 NW 24th St, Miami, FL 33127.
For buyers seeking a residential income-oriented land purchase, this configuration offers an 8-unit existing framework on a defined lot size within the stated zoning district.
Key Highlights
- Land in Wynwood with total lot size of 7,500 SF
- Zoned T5‑o (Nrd‑1)
- Includes 8 existing residential units
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
$138,551
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
3.54%
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%
$2,771,020
$2.8M
Cap Rate 7%
$1,979,300
$2.0M
Cap Rate 9%
$1,539,456
$1.5M
Market Conditions
NOI Build-Up for 7,500 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
$270.0K $36.00/SF
− Vacancy
−$18.1K −$2.41/SF
EGI
$251.9K $33.59/SF
− OpEx
−$113.4K −$15.11/SF
NOI
$138.6K $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%
$2,771,020
Cap Rate 7%
$1,979,300
Cap Rate 9%
$1,539,456
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,551 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.06M
$4.43M – $5.91M
NOI $354,378 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
7,210
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Land in Wynwood totaling 7,500 sf features 8 existing residential units under zoning T5-o (Nrd-1).
Where is this apartment building located?
The property is located at 118 NW 24th St Miami, FL.
What is the asking price?
The asking price for this property is $3,915,000.
What are key features of this property?
This property features: Land in Wynwood with total lot size of 7,500 SF; Zoned T5‑o (Nrd‑1); Includes 8 existing residential units
