Miami Multifamily Redevelopment
For Sale
$2,350,000
220 Northwest 11th Terrace, Miami, FL 33136
12-unit multifamily property with redevelopment potential in Miami's Overtown.
Property Size6,234 SF
Lot Size0.17 Acres
Price / SF$376.97
Days on Market299
Property Features for 220 Northwest 11th Terrace
General Information
Standard status
Active
Size
6,234 SF
Lot size
0.17 Acres
Property subtype
Residential Income / Fourplex
Taxes and HOA fees
Annual Taxes
$23,151
Building Details
Year Built
1960
Listing Agency:
Compass
Listed By:
Arthur Porosoff · License #3160379
(305) 733-6066
Source:
Compass
Added: Dec 18, 2025
Changed: Oct 10
Last Checked: Oct 12 at 9:38PM
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 Compass
Investment Insights
Based on property information with market context.
This is a 12-unit multifamily property located in the Overtown neighborhood of Miami, Florida. The property includes eleven two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit. The rentable area is approximately 6,234 square feet on a 7,500 square foot lot. The zoning is T6-8-O, permitting up to 8 stories of development. The property is currently 83.3% occupied with in-place rents averaging $1,600 per month. The T6-8-O zoning supports future redevelopment at up to 8 stories, providing optionality for long-term investors seeking density in Miami's urban core. The lot size of 7,500 square feet on a corner parcel enhances the redevelopment potential of this site.
Key Highlights
- T6‑8‑O zoning permits redevelopment up to 8 stories.
- Located in the Overtown neighborhood of Miami, Florida.
- 7,500 SF corner lot enhances redevelopment potential.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$115,163
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,303,260
$2.3M
Cap Rate 7%
$1,645,186
$1.6M
Cap Rate 9%
$1,279,589
$1.3M
Market Conditions
NOI Build-Up for 6,234 SF
Gross rent
$224.4K $36.00/SF
− Vacancy
−$15.0K −$2.41/SF
EGI
$209.4K $33.59/SF
− OpEx
−$94.2K −$15.11/SF
NOI
$115.2K $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 Rate 5%
$2,303,260
Cap Rate 7%
$1,645,186
Cap Rate 9%
$1,279,589
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,163 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.21M
$3.68M – $4.91M
NOI $294,559 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
5,157
Businesses Nearby
Explore this area
Business Placement
Demographics for 33136, FL
15,439
Population
7,994
Households
1.9
Avg Household Size
36
Median Age
25%
College-Educated
73%
High-School Grad
1.4 sq mi
ZIP Area
11,028
Density / Sq Mi
$43,481
Median Household Income
$34,130
Median Earnings
$1,337
Median Rent
$352,700
Median Home Value
Check the figures for this property
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 - 12-unit multifamily property with redevelopment potential in Miami's Overtown.
Where is this apartment building located?
The property is located at 220 Northwest 11th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: T6‑8‑O zoning permits redevelopment up to 8 stories.; Located in the Overtown neighborhood of Miami, Florida.; 7,500 SF corner lot enhances redevelopment potential.**
