Eight-Unit Apartment
New
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 Market2
Property Features for 244 NW 34th St
General Information
Standard status
Active
Size
5,456 SF
Property subtype
Commercial
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
Last Checked: Sep 8 at 2:43PM
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
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 = 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
$100,791
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
4.80%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
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 - 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
