Miami Multifamily Asset For
For Sale
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1860 Northwest 24th Avenue, Miami, FL 33125
Recently constructed multifamily asset in Miami with six residential units.
Property Size11,077 SF
Price / SF$257.29
Days on Market106
Property Features for 1860 Northwest 24th Avenue
General Information
Standard status
Active
Size
11,077 SF
Class
B
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
T4-R
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$172,136
Building Details
Year Built
2022
Buildings
1
Stories
3
Units
6
Listing Agency:
Franklin Street Tampa
Listed By:
Ryan Wold · License #FL 3424080
Source:
Crexi
Added: May 19
Changed: Aug 16
Last Checked: Aug 31 at 8:45AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$204,630
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
7.18%
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%
$4,092,600
$4.1M
Cap Rate 7%
$2,923,286
$2.9M
Cap Rate 9%
$2,273,667
$2.3M
Market Conditions
NOI Build-Up for 11,077 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
$398.8K $36.00/SF
− Vacancy
−$26.7K −$2.41/SF
EGI
$372.1K $33.59/SF
− OpEx
−$167.4K −$15.11/SF
NOI
$204.6K $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%
$4,092,600
Cap Rate 7%
$2,923,286
Cap Rate 9%
$2,273,667
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.56M – $3.41M
NOI $204,630 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.48M
$6.54M – $8.72M
NOI $523,393 @ 7.0% cap · market cap 18.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,418
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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?
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 $2,850,000.
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.
