Six-Unit Apartment
For Sale
$1,800,000
1029 Northwest 2nd Street, Miami, FL 33128
Fully occupied apartments feature separate electric meters and wall-mounted air conditioning in every unit.
Property Size4,164 SF
Price / SF$432.28
Days on Market847
Property Features for 1029 Northwest 2nd Street
General Information
Standard status
Active
Size
4,164 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$15,078
Amenities
wall unit air conditioners
Building Details
Year Built
1971
Listing Agency:
Edge & Co. Realty, Inc.
Listed By:
Mercedes Saavedra · License #3012029
(305) 962-1702
Source:
Compass
Added: May 12, 2024
Changed: Sep 2
Last Checked: Sep 4 at 3:07PM
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 Edge & Co. Realty, Inc.
Investment Insights
Based on property information with market context.
This 4,164-square-foot apartment property, built in 1971, contains six residential units with a mix of four 2-bedroom, 1-bath apartments and two 1-bedroom, 1-bath apartments. All units are currently occupied. Each apartment is separately metered for electricity and equipped with a wall-mounted air-conditioning unit.
The property is located at 1029 Northwest 2nd Street in Miami, Florida 33128, near major highways, Downtown Miami, restaurants, and shops. One apartment is leased, while the remaining five operate on month-to-month arrangements, providing a combination of existing occupancy and varied lease structures.
The property is located at 1029 Northwest 2nd Street in Miami, Florida 33128, near major highways, Downtown Miami, restaurants, and shops. One apartment is leased, while the remaining five operate on month-to-month arrangements, providing a combination of existing occupancy and varied lease structures.
Key Highlights
- Six occupied units: four 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath apartments
- 4,164 SF apartment property built in 1971
- One unit has a lease; five units are month‑to‑month
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
$76,923
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
4.27%
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%
$1,538,460
$1.5M
Cap Rate 7%
$1,098,900
$1.1M
Cap Rate 9%
$854,700
$854.7K
Market Conditions
NOI Build-Up for 4,164 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
$149.9K $36.00/SF
− Vacancy
−$10.0K −$2.41/SF
EGI
$139.9K $33.59/SF
− OpEx
−$62.9K −$15.11/SF
NOI
$76.9K $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%
$1,538,460
Cap Rate 7%
$1,098,900
Cap Rate 9%
$854,700
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$961.5K – $1.28M
NOI $76,923 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.81M
$2.46M – $3.28M
NOI $196,751 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,098
Businesses Nearby
Explore this area
Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
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 - Fully occupied apartments feature separate electric meters and wall-mounted air conditioning in every unit.
Where is this apartment building located?
The property is located at 1029 Northwest 2nd Street Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six occupied units: four 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath apartments; 4,164 SF apartment property built in 1971; One unit has a lease; five units are month‑to‑month
