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 Market890
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 14, 2024
Changed: Oct 13
Last Checked: Oct 19 at 9:00AM
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.
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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 / Yr
$76,923
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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
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
