Renovated Multifamily Property in
For Sale
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1829 NW 2nd Ct, Miami, FL 33136
Renovated multifamily property with access to Miami's urban core.
Property Size8,178 SF
Price / SF$427.37
Days on Market102
Property Features for 1829 NW 2nd Ct
General Information
Standard status
Active
Size
8,178 SF
Property subtype
Multifamily
Building Details
Year Built
1942
Listing Agency:
The Lab Realty Group, LLC
Listed By:
Karl Hueck · License #3311682
(786) 873-2597
Source:
Crexi
Added: May 25
Changed: Jul 10
Last Checked: Sep 1 at 10:26PM
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
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 = 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
$151,075
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
4.32%
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%
$3,021,500
$3.0M
Cap Rate 7%
$2,158,214
$2.2M
Cap Rate 9%
$1,678,611
$1.7M
Market Conditions
NOI Build-Up for 8,178 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
$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 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%
$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
NOI $151,075 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.52M
$4.83M – $6.44M
NOI $386,414 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $3,495,000.
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.
