Miami Multifamily Redevelopment
For Sale
$2,100,000
220 NW 11th Ter, Miami, FL 33136
12-unit multifamily property with redevelopment potential in Miami's Overtown.
Property Size6,234 SF
Lot Size0.17 Acres
Price / SF$336.86
Days on Market176
Property Features for 220 NW 11th Ter
General Information
Standard status
Active
Size
6,234 SF
Lot size
0.17 Acres
Property subtype
Quadruplex
Site & Location
Neighborhood
Southeast Overtown
Taxes and HOA fees
Annual Taxes
$23,151
Building Details
Building Size
6,234 SF
Year Built
1960
Listing Agency:
Compass Florida, LLC
Listed By:
Arthur Porosoff · License #3160379
(305) 209-8866
Source:
Wisewill
Added: May 14
Changed: Nov 3
Last Checked: Nov 4 at 9:01AM
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 Florida, LLC
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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
5.48%
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 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.21M
$3.68M – $4.91M
NOI $294,559 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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 NW 11th Ter Miami, FL.
What is the asking price?
The asking price for this property is $2,100,000.
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.**
