Listing Agency: Gridline Properties Show Phone

Listed By: Mateo Romero · License #SL3371935 Show Phone

Source: Moodyscre

Added: Jul 24, 2025 Changed: Oct 25 Last Checked: Nov 4 at 3:11PM

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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.

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 / Yr

$138,551

Cap Rate

3.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,771,020 $2.8M

Cap Rate 7%

$1,979,300 $2.0M

Cap Rate 9%

$1,539,456 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,500 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $354,378 @ 7.0% cap · market cap 9.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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