Eight-Unit Apartment
For Sale
$2,100,000
244 NW 34th St, Miami, FL 33127
Multifamily property with one-bedroom, one-bath residences in Wynwood Norte.
Property Size5,456 SF
Days on Market48
Property Features for 244 NW 34th St
General Information
Standard status
Active
Size
5,456 SF
Property subtype
Commercial
Site & Location
Neighborhood
Old San Juan
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Asking Price
$2,400,000
Building Details
Building Size
5,456 SF
Year Built
1925
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Vicente Rodriguez · License #3289280
(305) 510-6627
Source:
Elliman
Added: Sep 8
Changed: Oct 14
Last Checked: Oct 24 at 4:53PM
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 Fausto Commercial Realty Consultants Inc
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Investment Insights
Based on property information with market context.
This multifamily property at 244 NW 34th St. comprises eight one-bedroom, one-bath apartments and was built in 1925. The building is located in Wynwood Norte, an urban Miami district known for street art, restaurants, and nightlife, with the Design District nearby.
The property is governed by a zoning framework shaped by Miami’s 2021 Wynwood Norte overhaul. Updated provisions allow density of up to 150 units per acre. NRD-2 rules also provide parking flexibility in T4 and T5 zones, including an exemption for buildings under 20,000 square feet. Walk Score is 98, Bike Score is 84, and Transit Score is 50, reflecting strong walkability, bike access, and available transit service.
The property is governed by a zoning framework shaped by Miami’s 2021 Wynwood Norte overhaul. Updated provisions allow density of up to 150 units per acre. NRD-2 rules also provide parking flexibility in T4 and T5 zones, including an exemption for buildings under 20,000 square feet. Walk Score is 98, Bike Score is 84, and Transit Score is 50, reflecting strong walkability, bike access, and available transit service.
Key Highlights
- Eight one‑bedroom, one‑bath apartment units
- Built in 1925
- Located at 244 NW 34th St, Miami, FL 33127
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$100,791
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,015,820
$2.0M
Cap Rate 7%
$1,439,871
$1.4M
Cap Rate 9%
$1,119,900
$1.1M
Market Conditions
NOI Build-Up for 5,456 SF
Gross rent
$196.4K $36.00/SF
− Vacancy
−$13.2K −$2.41/SF
EGI
$183.3K $33.59/SF
− OpEx
−$82.5K −$15.11/SF
NOI
$100.8K $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%
$2,015,820
Cap Rate 7%
$1,439,871
Cap Rate 9%
$1,119,900
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,791 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.68M
$3.22M – $4.30M
NOI $257,798 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
6,008
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with one-bedroom, one-bath residences in Wynwood Norte.
Where is this apartment building located?
The property is located at 244 NW 34th St 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: Eight one‑bedroom, one‑bath apartment units; Built in 1925; Located at 244 NW 34th St, Miami, FL 33127
