Building Details

Building Size 8,178 SF

Year Built 1942

Listing Agency: The Lab Realty Group, LLC

Listed By: Karl Hueck · License #3311682 Show Phone

Source: Allyandaj

Added: May 25 Changed: Oct 13 Last Checked: Oct 19 at 2:35PM

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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 The Lab Realty Group, LLC

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Investment Insights

Based on property information with market context.

This renovated multifamily property is located in a rapidly growing urban area of Miami, providing access to Wynwood, Downtown Miami, Brickell, the Design District, and Miami Worldcenter. Its location offers convenient access to dining, entertainment, shopping, and employment centers. The property is near I-95, I-395, SR-836, and Brightline/MiamiCentral, facilitating commuting throughout Miami-Dade. The surrounding neighborhood is undergoing revitalization, with new mixed-use developments and modern apartment communities. Residents have proximity to Wynwood Walls, Bayside Marketplace, Kaseya Center, Museum Park, Jackson Memorial Hospital, and the Health District, as well as parks, cafes, retail centers, and recreation. The property is positioned to attract professionals, students, and workforce renters seeking an urban lifestyle. The property size is 8178 square feet.

Key Highlights

• Prime location with exceptional access to Wynwood, Downtown Miami, Brickell, the Design District, and Miami Worldcenter.
• Convenient access to I‑95, I‑395, SR‑836, and Brightline/MiamiCentral for seamless commuting.
• Strong tenant demand from professionals, students, and workforce renters seeking an urban lifestyle.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$151,075

Cap Rate

4.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,021,500 $3.0M

Cap Rate 7%

$2,158,214 $2.2M

Cap Rate 9%

$1,678,611 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,178 SF

Gross rent

$294.4K $36.00/SF

− Vacancy

−$19.7K −$2.41/SF

EGI

$274.7K $33.59/SF

− OpEx

−$123.6K −$15.11/SF

NOI

$151.1K $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%

$3,021,500

Cap Rate 7%

$2,158,214

Cap Rate 9%

$1,678,611

Alternative Uses

Best Use

Apartment 5plus

$2.16M

$1.89M – $2.52M (±1% cap)

NOI $151,075 @ 7.0% cap · market cap 4.73%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$5.52M

$4.83M – $6.44M (±1% cap)

NOI $386,414 @ 7.0% cap · market cap 12.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Location Intelligence

Trade Area within ½ mile

5,706

Businesses Nearby

Explore this area Business Placement

Demographics for 33136, FL

15,439

Population

7,994

Households

1.9

Avg Household Size

36

Median Age

25%

College-Educated

73%

High-School Grad

1.4 sq mi

ZIP Area

11,028

Density / Sq Mi

$43,481

Median Household Income

$34,130

Median Earnings

$1,337

Median Rent

$352,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Renovated multifamily property with access to Miami's urban core.

Where is this multifamily property located?

The property is located at 1829 NW 2nd Ct Miami, FL.

What is the asking price?

The asking price for this property is $3,195,000.

What are key features of this property?

This property features: Prime location with exceptional access to Wynwood, Downtown Miami, Brickell, the Design District, and Miami Worldcenter.; Convenient access to I‑95, I‑395, SR‑836, and Brightline/MiamiCentral for seamless commuting.; Strong tenant demand from professionals, students, and workforce renters seeking an urban lifestyle.