9-Unit Apartment
New
For Sale
$2,399,000
1427 NW 2nd Avenue, Florida City, FL
Commercial Sale, Florida City, FL
Property Size5,206 SF
Lot Size0.69 Acres
Price / SF$460.81
Days on Market5
Property Features for 1427 NW 2nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
3000
Parking
6000
Parking features
Guest
Fencing
Fenced
Lot features
Corner Lot, Landscaped, Room for Pool, Sidewalks
Directions
Google Map & Navigation friendly.
Subdivision
2780
Standard status
Active
APN
1678240200550
Size
5,206 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
24 57 38 CORAL BAY MANOR PB 57-40 LOTS 14 & 15 BLK 3 LOT SIZE12000 SQ FT M/L + Vacant Lots 11, 12 & 13 totaling 18,000 SQ FT.
Tax Annual Amount
7606
Legal Description
24 57 38 CORAL BAY MANOR PB 57-40 LOTS 14 & 15 BLK 3 LOT SIZE12000 SQ FT M/L + Vacant Lots 11, 12 & 13 totaling 18,000 SQ FT.
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central, Electric (Heating)
Cooling system
Electric, Humidity Control, Central Air, Heat Pump, ENERGY STAR Qualified Equipment
Water source
Public
Building Details
Year built
1961
Floors in Building
1
Number of units
9
Flooring type
Tile
Building materials
Concrete Block - With Stucco
Roof type
Shingle, Flat
Listing Agency:
Real Broker LLC
(855) 450-0442
Listed By:
Richard M DiPietro · License #3659026
(347) 693-2995
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 20 at 12:06PM
MLS# B26077350
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Florida City multifamily offering includes a 9-unit apartment building and three additional platted lots on the same block. The existing building contains 5,206 square feet on a 12,000-square-foot lot, with a unit mix comprising two 2-bedroom/2-bath units, two 2-bedroom/1-bath units, four 1-bedroom/1-bath units, and one efficiency. Improvements include a new roof, impact windows and doors, updated 220 electric, and a full sprinkler system. Interior work includes tile flooring, new appliances, and cosmetic updates.
Together, the four lots total 30,000 square feet, or 0.69 acres, under uniform 3000 Multi-Family General zoning. The property includes guest parking, fencing, public water, and public sewer. Located at 1427 NW 2nd Avenue in Florida City, the building was constructed in 1961 with concrete block and stucco construction, central air, and heat-pump systems.
Together, the four lots total 30,000 square feet, or 0.69 acres, under uniform 3000 Multi-Family General zoning. The property includes guest parking, fencing, public water, and public sewer. Located at 1427 NW 2nd Avenue in Florida City, the building was constructed in 1961 with concrete block and stucco construction, central air, and heat-pump systems.
Key Highlights
- 9‑unit apartment building with a 5,206‑square‑foot building area
- Four‑lot portfolio totaling 30,000 square feet, or 0.69 acres
- Unit mix includes 2‑bedroom, 1‑bedroom, and efficiency apartments
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
$80,065
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
3.34%
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%
$1,601,300
$1.6M
Cap Rate 7%
$1,143,786
$1.1M
Cap Rate 9%
$889,611
$889.6K
Market Conditions
NOI Build-Up for 5,206 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
$152.4K $29.28/SF
− Vacancy
−$6.9K −$1.32/SF
EGI
$145.6K $27.96/SF
− OpEx
−$65.5K −$12.58/SF
NOI
$80.1K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$1,601,300
Cap Rate 7%
$1,143,786
Cap Rate 9%
$889,611
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$1.00M – $1.33M
NOI $80,065 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,886 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
9
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
Explore this area
Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with parking, three vacant platted lots, and 3000 multifamily zoning.
Where is this apartment building located?
The property is located at 1427 NW 2nd Avenue Florida City, FL.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: 9‑unit apartment building with a 5,206‑square‑foot building area; Four‑lot portfolio totaling 30,000 square feet, or 0.69 acres; Unit mix includes 2‑bedroom, 1‑bedroom, and efficiency apartments
