Multifamily Property Near
For Sale
$1,800,000
Pending
2015 NW 6th Pl, Miami, FL 33127
Multifamily property near Wynwood with redevelopment potential.
Property Size3,130 SF
Lot Size0.10 Acres
Days on Market173
Property Features for 2015 NW 6th Pl
General Information
Standard status
Pending
Size
3,130 SF
Lot size
0.10 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,472
Building Details
Building Size
3,130 SF
Year Built
1951
Stories
2
Listing Agency:
Eagle Realty LLC d/b/a Keller Williams Eagle Realty
(786) 726-2696
Listed By:
Danielle Hall · License #3643177
(786) 726-2696
Source:
Elliman
Added: Mar 10
Changed: Aug 15
Last Checked: Aug 28 at 12:48PM
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 Eagle Realty LLC d/b/a Keller Williams Eagle Realty
Investment Insights
Based on property information with market context.
This multifamily property is located on the outskirts of Wynwood, minutes from Wynwood, Midtown, and Downtown Miami. The property features six one-bedroom, one-bath units within 3,130 square feet of space. Situated on a 4,500 square foot lot with multifamily zoning, the property presents upside potential for renovation or redevelopment. Its location provides easy access to major highways, facilitating quick connections to Miami Beach, the airport, and other major city hubs. The surrounding area is characterized by art, culture, and ongoing growth. The recent construction of the University of Miami Life Science & Technology Park across the street highlights the area's development. The property is tenant-occupied and represents an investment opportunity in a high-demand area near Miami’s dynamic neighborhoods.
Key Highlights
- Prime location minutes from Wynwood, Midtown, and Downtown Miami.
- Multifamily zoning offers strong upside potential for renovation or redevelopment.
- Income‑producing asset featuring 6 one‑bedroom/one‑bath units.
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
$57,822
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
3.21%
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%
$1,156,440
$1.2M
Cap Rate 7%
$826,029
$826.0K
Cap Rate 9%
$642,467
$642.5K
Market Conditions
NOI Build-Up for 3,130 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
$112.7K $36.00/SF
− Vacancy
−$7.5K −$2.41/SF
EGI
$105.1K $33.59/SF
− OpEx
−$47.3K −$15.11/SF
NOI
$57.8K $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%
$1,156,440
Cap Rate 7%
$826,029
Cap Rate 9%
$642,467
Alternative Uses
Best Use
Apartment 5plus
$826.0K
$722.8K – $963.7K
NOI $57,822 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.11M
$1.85M – $2.46M
NOI $147,894 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,578
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property near Wynwood with redevelopment potential.
Where is this apartment building located?
The property is located at 2015 NW 6th Pl Miami, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Prime location minutes from Wynwood, Midtown, and Downtown Miami.; Multifamily zoning offers strong upside potential for renovation or redevelopment.; Income‑producing asset featuring 6 one‑bedroom/one‑bath units.
