Wynwood Assemblage with Redevelopment
For Sale
$18,500,000
2010 2014 2020 NW Miami Ct, Miami, FL 33127
Three-parcel assemblage near Wynwood Art District with income potential.
Property Size26,274 SF
Lot Size0.45 Acres
Price / SF$941.48
Days on Market155
Property Features for 2010 2014 2020 NW Miami Ct
General Information
Standard status
Active
Size
26,274 SF
Lot size
0.45 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$26,655
Building Details
Building Size
26,274 SF
Year Built
1938
Listing Agency:
One Sothebys International Realty
(305) 902-0819
Listed By:
Giovanni Mancini · License #3252261
(305) 902-0819
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 7 at 5:33AM
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 One Sothebys International Realty
Investment Insights
Based on property information with market context.
This portfolio comprises a 19,650 square foot three-parcel assemblage, offering approximately 26,274 square feet of leasable space. It is situated at the southeastern gateway to Wynwood’s Art & Entertainment District. The property benefits from existing cash flow generated from leases at below-market value, presenting significant upside potential to increase revenues. This potential is further enhanced by the upcoming transformation of Wynwood’s SE Quadrant. Several significant new projects are located within a block or two of the property, including CIM Group’s Wynwood Square, featuring approximately 87,000 square feet of office and retail space and 257 apartments, and Quadrum Global’s Arlo Hotel. Current tenants are in place.
Key Highlights
- Located at the south‑eastern gateway to Wynwood's Art & Entertainment District.
- 19,650 SF three‑parcel assemblage with approximately 26,274 SF leasable space.
- Significant upside potential to increase revenues.
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
$641,095
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
3.47%
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%
$12,821,900
$12.8M
Cap Rate 7%
$9,158,500
$9.2M
Cap Rate 9%
$7,123,278
$7.1M
Market Conditions
NOI Build-Up for 19,650 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
$1.02M $51.96/SF
− Vacancy
−$105.2K −$5.35/SF
EGI
$915.8K $46.61/SF
− OpEx
−$274.8K −$13.98/SF
NOI
$641.1K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$12,821,900
Cap Rate 7%
$9,158,500
Cap Rate 9%
$7,123,278
Alternative Uses
Best Use
Retail
$9.16M
$8.01M – $10.68M
NOI $641,095 @ 7.0% cap · market cap 3.47%
Second Best
Office B
$8.05M
$7.05M – $9.40M
NOI $563,709 @ 7.0% cap · market cap 3.05%
Theoretical Best
Specialty Retail
$13.26M
$11.61M – $15.47M
NOI $928,471 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,105
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-parcel assemblage near Wynwood Art District with income potential.
Where is this mixed-use property located?
The property is located at 2010 2014 2020 NW Miami Ct Miami, FL.
What is the asking price?
The asking price for this property is $18,500,000.
What are key features of this property?
This property features: Located at the south‑eastern gateway to Wynwood's Art & Entertainment District.; 19,650 SF three‑parcel assemblage with approximately 26,274 SF leasable space.; Significant upside potential to increase revenues.
