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$518.67
Days on Market379
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
(305) 507-7098
Listed By:
Alfredo Riascos · License #SL3371935
(305) 507-7098
Source:
Moodyscre
Added: Jul 24, 2025
Changed: Jul 29
Last Checked: Aug 5 at 12:13PM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $270.0k | $36.00 |
| − Vacancy | −$18.1k | −$2.41 |
| EGI | $251.9k | $33.59 |
| − OpEx | −$113.4k | −$15.11 |
| NOI | $138.6k | $18.47 |
7,500 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,551 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.06M
$4.43M – $5.91M
NOI $354,378 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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 - 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 $3,890,000.
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
