6-Unit Apartment
For Sale
$900,000
2400 Northwest 61st Street, Miami, FL 33142
Corner-lot multifamily property with individually metered electricity and a mix of efficiency and one-bedroom units.
Property Size2,017 SF
Lot Size0.40 Acres
Price / SF$446.21
Days on Market741
Property Features for 2400 Northwest 61st Street
General Information
Standard status
Active
Size
2,017 SF
Lot size
0.40 Acres
Property subtype
Commercial/Industrial / Fourplex
Units
Unit Mix
4 x 1BR/1BA, 2 x efficiency
Multifamily Units
6
Additional Details
Gross Income
$88,560
Taxes and HOA fees
Annual Taxes
$10,820
Building Details
Year Built
1952
Listing Agency:
K & A Realty
Listed By:
Mario Avalos · License #3221390
(305) 270-1444
Source:
Compass
Added: Aug 23, 2024
Changed: Aug 31
Last Checked: Sep 1 at 10:57PM
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 K & A Realty
Investment Insights
Based on property information with market context.
This six-unit apartment property was built in 1952 and offers a combination of four one-bedroom, one-bath units and two efficiency units. Each unit has its own electric meter, supporting separate utility measurement across the property.
The building occupies a 17,484-square-foot corner lot at 2400 Northwest 61st Street in Miami, Florida. Its unit mix provides a range of compact residential configurations within an established multifamily property.
The building occupies a 17,484-square-foot corner lot at 2400 Northwest 61st Street in Miami, Florida. Its unit mix provides a range of compact residential configurations within an established multifamily property.
Key Highlights
- Six apartment units with four 1‑bed/1‑bath units and two efficiencies
- Each unit has its own electric meter
- 17,484‑square‑foot corner lot
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
$37,261
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
4.14%
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%
$745,220
$745.2K
Cap Rate 7%
$532,300
$532.3K
Cap Rate 9%
$414,011
$414.0K
Market Conditions
NOI Build-Up for 2,017 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
$72.6K $36.00/SF
− Vacancy
−$4.9K −$2.41/SF
EGI
$67.7K $33.59/SF
− OpEx
−$30.5K −$15.11/SF
NOI
$37.3K $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%
$745,220
Cap Rate 7%
$532,300
Cap Rate 9%
$414,011
Alternative Uses
Best Use
Apartment 5plus
$532.3K
$465.8K – $621.0K
NOI $37,261 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.36M
$1.19M – $1.59M
NOI $95,304 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
951
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 - Corner-lot multifamily property with individually metered electricity and a mix of efficiency and one-bedroom units.
Where is this apartment building located?
The property is located at 2400 Northwest 61st Street Miami, FL.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Six apartment units with four 1‑bed/1‑bath units and two efficiencies; Each unit has its own electric meter; 17,484‑square‑foot corner lot
