Four-Unit Residential Income
251 Northwest 34th Terrace Miami, FL 33127
For Sale
$1,150,000
Two-story four-unit structure with four 2/1 units, completed 40-year recertification, and month-to-month tenants under T4 zoning.
Property Size2,784 SF
Price / SF$413.07
Days on Market618
Property Features for 251 Northwest 34th Terrace
General Information
- Standard status
- Active
- Size
- 2,784 SF
- Property subtype
- Multi-Family Income / Fourplex
Building Details
- Year Built
- 1926
Listing Agency:
Lifestyle International Realty
(305) 809-8085
Listed By:
Sherry Lebowitz · License #3268355
(305) 809-8085
Source:
Compass
Added: Nov 13, 2024
Changed: Jul 22
Last Checked: Jul 23 at 9:35AM
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.
This two-story four-unit property is configured as a duplex with four 2/1 units. The 40-year recertification is complete, and tenants are currently on a month-to-month basis, providing flexibility for a future owner’s plans.
Zoned T4, the site is described as allowing up to 16 units across three stories, with no parking requirements if contributions are made to the parking fund. The property is located blocks from Midtown and the shops and restaurants of Wynwood.
The neighboring duplex at 241 NW 34th terrace is also available for sale, creating an additional development opportunity in the immediate area. Cash-only terms are indicated in the offering remarks.
Zoned T4, the site is described as allowing up to 16 units across three stories, with no parking requirements if contributions are made to the parking fund. The property is located blocks from Midtown and the shops and restaurants of Wynwood.
The neighboring duplex at 241 NW 34th terrace is also available for sale, creating an additional development opportunity in the immediate area. Cash-only terms are indicated in the offering remarks.
Key Highlights
- Two‑story 4‑plex with four 2/1 units
- Completed 40‑year recertification
- T4 zoning allows up to 16 units across three stories, with no parking requirements if contributing to the parking fund
Financial Insights For Multifamily LT 5
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 | $85.2k | $30.60 |
| − Vacancy | −$5.4k | −$1.95 |
| EGI | $79.8k | $28.65 |
| − OpEx | −$23.9k | −$8.60 |
| NOI | $55.8k | $20.06 |
2,784 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$797.6K
$697.9K – $930.6K
NOI $55,835 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$734.7K
$642.9K – $857.2K
NOI $51,430 @ 7.0% cap · market cap 4.47%
Theoretical Best
Specialty Retail
$1.88M
$1.64M – $2.19M
NOI $131,545 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Two-story four-unit structure with four 2/1 units, completed 40-year recertification, and month-to-month tenants under T4 zoning.
Where is this quadplex located?
The property is located at 251 Northwest 34th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two‑story 4‑plex with four 2/1 units; Completed 40‑year recertification; T4 zoning allows up to 16 units across three stories, with no parking requirements if contributing to the parking fund
