Miami Multifamily Asset For
1860 Northwest 24th Avenue, Miami, FL 33125
Recently constructed multifamily asset in Miami with six residential units.
Type:Multifamily
Property size:
11,077 SFPrice / SF:
$266/SF- Added:
- May 19, 2026
- Days on Market:
- 13
- Last Refresh:
- May 20 at 5:01 am
Property Features for 1860 Northwest 24th Avenue
General Information
- Standard status
- Active
- Size
- 11,077 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2022
Listing agent Ryan Wold License #FL 3424080
Listing office Franklin Street Tampa
Listing date May 19, 2026
Source Crexi
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 Franklin Street Tampa
HighLights
- Recently constructed in 2022, minimizing near‑term capital expenditure.
- Six spacious 3‑bedroom, 2‑bathroom units, averaging 1,000 square feet, catering to families and shared living.
- Separately metered utilities (water and electricity) for efficient operations and maximized net operating income.
- Includes a large, dedicated storage/flex space for additional revenue stream.
- Features central air conditioning and private balconies for enhanced tenant experience.
- Covered parking, a valuable amenity given the scarcity of parking in the area.
Overview
Sago Palms presents a rare opportunity to acquire a recently constructed multifamily asset in Miami. Built in 2022, the property offers 11,077 square feet across six residential units. Each unit features a three-bedroom, two-bathroom layout, averaging approximately 1,000 square feet. The property includes central air conditioning and private balconies. Utilities are separately metered for both water and electricity. Covered parking is available. The property also includes a large, dedicated storage/flex space that can be utilized for a variety of purposes, offering an additional revenue stream. Zoned T4-R, Sago Palms benefits from flexible residential zoning. The property is an option for multifamily and low-rise/garden investors seeking a turnkey investment.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $398.8k | $36.00 |
| − Vacancy | −$26.7k | −$2.41 |
| EGI | $372.1k | $33.59 |
| − OpEx | −$167.4k | −$15.11 |
| NOI | $204.6k | $18.47 |
11,077 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.56M – $3.41M
NOI $204,630 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.48M
$6.54M – $8.72M
NOI $523,393 @ 7.0% cap · market cap 17.74%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Axel Gardens
General Contractor
Location Insight
- Map
- Local Demand
- City
- Miami
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.23594
- Latitude
- 25.79245
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Recently constructed multifamily asset in Miami with six residential units.
Where is this apartment building located?
The property is located at 1860 Northwest 24th Avenue Miami, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Recently constructed in 2022, minimizing near‑term capital expenditure.; Six spacious 3‑bedroom, 2‑bathroom units, averaging 1,000 square feet, catering to families and shared living.; Separately metered utilities (water and electricity) for efficient operations and maximized net operating income.
