5-Unit Apartment
For Sale
$895,000
2110 Northwest 24th Street, Miami, FL 33142
Fully occupied property with one-bedroom, one-bath units and recently completed 40-year recertification.
Property Size2,508 SF
Price / SF$356.86
Days on Market266
Property Features for 2110 Northwest 24th Street
General Information
Standard status
Active
Size
2,508 SF
Property subtype
Residential Income / Fourplex
Taxes and HOA fees
Annual Taxes
$12,113
Building Details
Year Built
1956
Listing Agency:
Real Estate Sales Force
Listed By:
Antonio Cristobal · License #3253230
(305) 392-1497
Source:
Compass
Added: Dec 13, 2025
Changed: Sep 2
Last Checked: Sep 4 at 4:46PM
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 Real Estate Sales Force
Investment Insights
Based on property information with market context.
Built in 1956, this Miami apartment property contains five residential units, each arranged as a one-bedroom, one-bath layout. The building measures 2,508 square feet and is reported as 100% occupied, providing an established operating profile for a multifamily buyer.
The property recently completed its 40-year recertification. Its location provides access to major highways, public transportation, and employment centers throughout Miami. The asset is also offered as part of a 10-unit portfolio with 2100 and 2110 NW 24 ST, allowing for an individual acquisition or a combined purchase.
The property recently completed its 40-year recertification. Its location provides access to major highways, public transportation, and employment centers throughout Miami. The asset is also offered as part of a 10-unit portfolio with 2100 and 2110 NW 24 ST, allowing for an individual acquisition or a combined purchase.
Key Highlights
- 5‑unit multifamily property with 2,508 square feet
- 100% occupied at the time of listing
- All units offer 1 bed / 1 bath layouts
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
$46,331
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
5.18%
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%
$926,620
$926.6K
Cap Rate 7%
$661,871
$661.9K
Cap Rate 9%
$514,789
$514.8K
Market Conditions
NOI Build-Up for 2,508 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
$90.3K $36.00/SF
− Vacancy
−$6.0K −$2.41/SF
EGI
$84.2K $33.59/SF
− OpEx
−$37.9K −$15.11/SF
NOI
$46.3K $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%
$926,620
Cap Rate 7%
$661,871
Cap Rate 9%
$514,789
Alternative Uses
Best Use
Apartment 5plus
$661.9K
$579.1K – $772.2K
NOI $46,331 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.69M
$1.48M – $1.98M
NOI $118,504 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,532
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
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 - Fully occupied property with one-bedroom, one-bath units and recently completed 40-year recertification.
Where is this apartment building located?
The property is located at 2110 Northwest 24th Street Miami, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 5‑unit multifamily property with 2,508 square feet; 100% occupied at the time of listing; All units offer 1 bed / 1 bath layouts
