Renovated 24-Unit Apartment
New
For Sale
$6,250,000
2012 SW 24th St, Miami, FL 33145
Three-story residential property with updated systems, two-bedroom layouts, and landlord-paid water, sewer, and trash service.
Property Size16,368 SF
Lot Size0.18 Acres
Days on Market5
Property Features for 2012 SW 24th St
General Information
Standard status
Active
Size
16,368 SF
Lot size
0.18 Acres
Property subtype
Multifamily
Zoning
T3-R
Occupancy
95%
Units
Unit Mix
24 x 2BR/1BA
Multifamily Units
24
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Amenities
Well located Shenandoah Submarket
Close to Coconut Grove
Completely renovated building
Updated Electric
Impact windows
Central air-conditioning & heat
Building Details
Building Size
16,368 SF
Buildings
1
Stories
3
Units
24
Listing Agency:
Fort Lauderdale Office
(954) 245-3444
Listed By:
Felipe Echarte · License #License(s): FL: SL696115
(954) 245-3444
Source:
Marcusmillichap
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 17 at 3:36AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
This renovated 24-unit apartment building contains three stories of residential space, with each unit configured as two bedrooms and one bathroom across approximately 682 SF. Property improvements include impact windows, central air-conditioning and heat, updated electrical service, lighting, signage, interiors, and fire sprinklers. The building carries T3-R zoning and occupies a .18-acre lot.
Located at 2012 SW 24th Street in Miami, the property sits next door to Silver Bluff Park. Residents are responsible for electric service, while ownership pays for water, sewer, and trash removal. The existing configuration provides consistent two-bedroom housing across the building.
Located at 2012 SW 24th Street in Miami, the property sits next door to Silver Bluff Park. Residents are responsible for electric service, while ownership pays for water, sewer, and trash removal. The existing configuration provides consistent two-bedroom housing across the building.
Key Highlights
- 24‑unit, three‑story apartment building
- All units feature two bedrooms and one bathroom across approximately 682 SF
- Renovated with impact windows, central air‑conditioning and heat, updated electric, lighting, interiors, and fire sprinklers
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
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Sprinkler system
Yes
Utilities to site
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 residential property with updated systems, two-bedroom layouts, and landlord-paid water, sewer, and trash service.
Where is this apartment building located?
The property is located at 2012 SW 24th St 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, three‑story apartment building; All units feature two bedrooms and one bathroom across approximately 682 SF; Renovated with impact windows, central air‑conditioning and heat, updated electric, lighting, interiors, and fire sprinklers
