Little Havana Multifamily Investment
For Sale
$8,200,000
2400 NW 16th St Rd, Miami, FL 33125
27-unit multifamily property in Little Havana with income upside.
Property Size25,899 SF
Price / SF$316.61
Days on Market157
Property Features for 2400 NW 16th St Rd
General Information
Standard status
Active
Size
25,899 SF
Building Details
Year Built
1974
Listing Agency:
The Keyes Company
Listed By:
Juan Garcia · License #3580075
(954) 995-8360
Source:
Thepennteam
Added: May 16
Changed: Oct 5
Last Checked: Oct 7 at 2:35PM
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 The Keyes Company
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 27-unit multifamily property is located in Little Havana. The property offers income potential through rent adjustments or renovations. All units are currently under contract, with most leases recently renewed through May 2027. The property features central A/C, a new elevator, a swimming pool, laundry facilities with new machines, impact windows and doors, and ample parking. It is located minutes from Brickell, Downtown Miami, and Coral Gables. The property has a bike score of 61, making it bikeable, a walk score of 83, indicating it is very walkable, and a transit score of 60, suggesting good transit options.
Key Highlights
- Strong, stable income with 6.15% cap rate and upside potential.
- All units currently under contract with most leases renewed through May 2027, ensuring immediate income stability.
- Prime location in Little Havana, minutes from Brickell, Downtown Miami, and Coral Gables.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$478,443
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,568,860
$9.6M
Cap Rate 7%
$6,834,900
$6.8M
Cap Rate 9%
$5,316,033
$5.3M
Market Conditions
NOI Build-Up for 25,899 SF
Gross rent
$932.4K $36.00/SF
− Vacancy
−$62.5K −$2.41/SF
EGI
$869.9K $33.59/SF
− OpEx
−$391.5K −$15.11/SF
NOI
$478.4K $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%
$9,568,860
Cap Rate 7%
$6,834,900
Cap Rate 9%
$5,316,033
Alternative Uses
Best Use
Apartment 5plus
$6.83M
$5.98M – $7.97M
NOI $478,443 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$17.48M
$15.30M – $20.40M
NOI $1,223,739 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,803
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 27-unit multifamily property in Little Havana with income upside.
Where is this apartment building located?
The property is located at 2400 NW 16th St Rd Miami, FL.
What is the asking price?
The asking price for this property is $8,200,000.
What are key features of this property?
This property features: Strong, stable income with **6.15% cap rate** and upside potential.; All units currently under contract with most leases renewed through May 2027, ensuring immediate income stability.; Prime location in Little Havana, minutes from Brickell, Downtown Miami, and Coral Gables.
