Remodeled Apartment
For Sale
$4,569,000
2090 NW 31st St, Miami, FL 33142
Four separate structures offer renovated interiors, assigned parking, and full occupancy across the property.
Property Size15,299 SF
Lot Size0.70 Acres
Days on Market64
Property Features for 2090 NW 31st St
General Information
Standard status
Active
Size
15,299 SF
Lot size
0.70 Acres
Property subtype
Income/MultiFamily
Occupancy
100%
Units
Unit Mix
16 x 2BR/1BA
Multifamily Units
16
Additional Details
Gross Income
$461,760
Public Transit
Yes
Building Details
Building Size
15,299 SF
Year Built
1955
Buildings
4
Listing Agency:
Lifestyle International Realty
Listed By:
Massiel Perdomo · License #3321092
(305) 588-0323
Source:
Vanessafrankmiami
Added: Jul 16
Changed: Sep 5
Last Checked: Sep 16 at 11:33PM
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 Lifestyle International Realty
Investment Insights
Based on property information with market context.
This multifamily property includes 16 units across four separate structures on two adjacent lots totaling 30,573 square feet of land. Each unit features a 2-bedroom, 1-bathroom layout, and all units have been remodeled with renovated kitchens, fresh paint, and modern finishes. The property is 100% occupied and includes assigned parking for each unit. The two lots carry separate Folios.
The property is located at 2090 NW 31st St and 2081 NW 30th St in Miami, with access to the Allapattah station metro rail near both addresses. The buildings were constructed in 1955. Surrounding mobility scores include a walk score of 78, a transit score of 57, and a bike score of 59.
The property is located at 2090 NW 31st St and 2081 NW 30th St in Miami, with access to the Allapattah station metro rail near both addresses. The buildings were constructed in 1955. Surrounding mobility scores include a walk score of 78, a transit score of 57, and a bike score of 59.
Key Highlights
- 16 units with 2‑bedroom, 1‑bathroom layouts
- Four separate structures on two adjacent lots totaling 30,573 square feet of land
- 100% occupied with assigned parking for each unit
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
$282,625
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
6.19%
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%
$5,652,500
$5.7M
Cap Rate 7%
$4,037,500
$4.0M
Cap Rate 9%
$3,140,278
$3.1M
Market Conditions
NOI Build-Up for 15,299 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
$550.8K $36.00/SF
− Vacancy
−$36.9K −$2.41/SF
EGI
$513.9K $33.59/SF
− OpEx
−$231.2K −$15.11/SF
NOI
$282.6K $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%
$5,652,500
Cap Rate 7%
$4,037,500
Cap Rate 9%
$3,140,278
Alternative Uses
Best Use
Apartment 5plus
$4.04M
$3.53M – $4.71M
NOI $282,625 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.33M
$9.04M – $12.05M
NOI $722,885 @ 7.0% cap · market cap 15.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,180
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four separate structures offer renovated interiors, assigned parking, and full occupancy across the property.
Where is this apartment building located?
The property is located at 2090 NW 31st St Miami, FL.
What is the asking price?
The asking price for this property is $4,569,000.
What are key features of this property?
This property features: 16 units with 2‑bedroom, 1‑bathroom layouts; Four separate structures on two adjacent lots totaling 30,573 square feet of land; 100% occupied with assigned parking for each unit
