Renovated 24-Unit Apartment
New
For Sale
Contact for pricing
2012 Southwest 24th Street, Miami, FL 33145
Three-story property with standardized two-bedroom, one-bath units and updated building systems.
Property Size16,368 SF
Lot Size0.18 Acres
Price / SF$381.84
Days on Market7
Property Features for 2012 Southwest 24th Street
General Information
Standard status
Active
Size
16,368 SF
Lot size
0.18 Acres
Property subtype
Multifamily
Zoning
T3-R
Occupancy
100%
Net Operating Income
$305,271
Units
Unit Mix
2BR/1BA
Multifamily Units
24
Additional Details
Sprinkler System
Yes
Amenities
impact windows
central air-conditioning & heat
updated electric
lighting
signage
interiors
fire sprinklers
Building Details
Year Built
1924
Buildings
1
Stories
3
Units
24
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Evan Kristol · License #FL SL640466
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 12 at 12:05PM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
This renovated apartment property contains 24 residential units across three stories, with each residence configured as a two-bedroom, one-bath layout measuring approximately 682 SF. The building encompasses 16,368 square feet on a 0.18-acre site and was constructed in 1924. Improvements include impact windows, central air conditioning and heat, updated electrical service, new lighting, interior updates, signage, and fire sprinklers.
The property is located at 2012 Southwest 24th Street in Miami and sits next to Silver Bluff Park. T3-R zoning applies to the site. Residents are responsible for electric service, while ownership covers water, sewer, and trash removal.
The property is located at 2012 Southwest 24th Street in Miami and sits next to Silver Bluff Park. T3-R zoning applies to the site. Residents are responsible for electric service, while ownership covers water, sewer, and trash removal.
Key Highlights
- 24‑unit apartment property with three stories
- All units offer two bedrooms and one bathroom
- Approximately 682 SF per unit; 16,368 SF building
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
$302,373
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
4.84%
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%
$6,047,460
$6.0M
Cap Rate 7%
$4,319,614
$4.3M
Cap Rate 9%
$3,359,700
$3.4M
Market Conditions
NOI Build-Up for 16,368 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
$589.2K $36.00/SF
− Vacancy
−$39.5K −$2.41/SF
EGI
$549.8K $33.59/SF
− OpEx
−$247.4K −$15.11/SF
NOI
$302.4K $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%
$6,047,460
Cap Rate 7%
$4,319,614
Cap Rate 9%
$3,359,700
Alternative Uses
Best Use
Apartment 5plus
$4.32M
$3.78M – $5.04M
NOI $302,373 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.05M
$9.67M – $12.89M
NOI $773,395 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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 - Three-story property with standardized two-bedroom, one-bath units and updated building systems.
Where is this apartment building located?
The property is located at 2012 Southwest 24th Street Miami, FL.
What is the asking price?
The asking price for this property is $6,250,000.
What are key features of this property?
This property features: 24‑unit apartment property with three stories; All units offer two bedrooms and one bathroom; Approximately 682 SF per unit; 16,368 SF building
