4-Unit Property with Central
For Sale
$1,489,900
1273 NW 24th St, Miami, FL 33142
The unit mix includes three one-bedroom apartments and one two-bedroom apartment, each with a single bathroom.
Property Size2,295 SF
Days on Market27
Property Features for 1273 NW 24th St
General Information
Standard status
Active
Size
2,295 SF
Property subtype
Quadruplex
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$91,200
Taxes and HOA fees
Annual Taxes
$7,856
Building Details
Building Size
2,295 SF
Year Built
1959
Listing Agency:
Lifestyle International Realty
Listed By:
Ofelia Morales · License #3525610
(786) 922-0033
Source:
Miamibrokersgroup
Added: Aug 31
Changed: Sep 24
Last Checked: Sep 24 at 11:51AM
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 Lifestyle International Realty
Investment Insights
Based on property information with market context.
Built in 1959, this four-unit multifamily property at 1273 NW 24th Street includes three 1-bedroom/1-bathroom apartments and one 2-bedroom/1-bathroom apartment. Each unit has central A/C and an independent electric meter. Units 3 and 4 are furnished, and the roof was renewed in 2020.
The property is near Wynwood, Midtown, and Miami’s Health District, including Jackson Memorial Hospital and the University of Miami Health System. Nearby transportation routes include NW 12th Avenue, I-95, SR-836, and SR-112; Metrorail and Tri-Rail stations are also identified as nearby.
The property is near Wynwood, Midtown, and Miami’s Health District, including Jackson Memorial Hospital and the University of Miami Health System. Nearby transportation routes include NW 12th Avenue, I-95, SR-836, and SR-112; Metrorail and Tri-Rail stations are also identified as nearby.
Key Highlights
- Four‑unit multifamily property built in 1959
- Three 1‑bedroom/1‑bathroom units and one 2‑bedroom/1‑bathroom unit
- Central A/C in all units; independent electric meters
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
$46,027
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
3.09%
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%
$920,540
$920.5K
Cap Rate 7%
$657,529
$657.5K
Cap Rate 9%
$511,411
$511.4K
Market Conditions
NOI Build-Up for 2,295 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
$70.2K $30.60/SF
− Vacancy
−$4.5K −$1.95/SF
EGI
$65.8K $28.65/SF
− OpEx
−$19.7K −$8.60/SF
NOI
$46.0K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$920,540
Cap Rate 7%
$657,529
Cap Rate 9%
$511,411
Alternative Uses
Best Use
Multifamily LT 5
$657.5K
$575.3K – $767.1K
NOI $46,027 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$605.7K
$530.0K – $706.6K
NOI $42,396 @ 7.0% cap · market cap 2.85%
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,440 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,517
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
Check the figures for this property
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?
Quadplex - The unit mix includes three one-bedroom apartments and one two-bedroom apartment, each with a single bathroom.
Where is this quadplex located?
The property is located at 1273 NW 24th St Miami, FL.
What is the asking price?
The asking price for this property is $1,489,900.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1959; Three 1‑bedroom/1‑bathroom units and one 2‑bedroom/1‑bathroom unit; Central A/C in all units; independent electric meters
