Live-Work Space with Private
For Sale
$690,000
250 NW 24th St 2b, Miami, FL 33127
Flexible live-work layout with open interiors, floor-to-ceiling windows, and a private balcony.
Property Size720 SF
Price / SF$958.33
Days on Market33
Property Features for 250 NW 24th St 2b
General Information
Standard status
Active
Size
720 SF
Amenities
10-foot ceilings
floor-to-ceiling windows
private balcony
artwork
Building Details
Year Built
2015
Listing Agency:
Coldwell Banker Realty
(410) 980-7931
Listed By:
Elaine Atkins · License #A12077695
Source:
Thepennteam
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 31 at 6:40PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 2015, this 720 SF live-work unit combines an open interior with 10-foot ceilings, floor-to-ceiling windows, and a private oversized balcony. The configuration supports a range of documented applications, including office, loft, retail, gallery, and studio use.
The property is located in Miami’s Wynwood Arts District at 250 NW 24th St, Unit 2B. The building was designed by New York City architect Laith Sayigh, with artwork selected by Miami gallerist Anthony Spinello.
The property is located in Miami’s Wynwood Arts District at 250 NW 24th St, Unit 2B. The building was designed by New York City architect Laith Sayigh, with artwork selected by Miami gallerist Anthony Spinello.
Key Highlights
- 720 SF live‑work unit in Miami’s Wynwood Arts District
- 10‑foot ceilings and expansive open interior areas
- Floor‑to‑ceiling windows provide extensive natural exposure
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
$20,655
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
2.99%
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%
$413,100
$413.1K
Cap Rate 7%
$295,071
$295.1K
Cap Rate 9%
$229,500
$229.5K
Market Conditions
NOI Build-Up for 720 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
$32.4K $45.00/SF
− Vacancy
−$4.9K −$6.75/SF
EGI
$27.5K $38.25/SF
− OpEx
−$6.9K −$9.56/SF
NOI
$20.7K $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /SF/Yr
Expense Ratio
25.00%
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%
$413,100
Cap Rate 7%
$295,071
Cap Rate 9%
$229,500
Alternative Uses
Best Use
Office B
$295.1K
$258.2K – $344.3K
NOI $20,655 @ 7.0% cap · market cap 2.99%
Second Best
Mixed Use
$243.0K
$212.6K – $283.5K
NOI $17,010 @ 7.0% cap · market cap 2.47%
Theoretical Best
Specialty Retail
$486.0K
$425.3K – $567.0K
NOI $34,020 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,248
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 Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Flexible live-work layout with open interiors, floor-to-ceiling windows, and a private balcony.
Where is this live-work space located?
The property is located at 250 NW 24th St 2b Miami, FL.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 720 SF live‑work unit in Miami’s Wynwood Arts District; 10‑foot ceilings and expansive open interior areas; Floor‑to‑ceiling windows provide extensive natural exposure
