Boutique Live-Work Office
For Sale
$630,000
250 NW 24th Street Unit 2B, Miami, FL 33127
Boutique live-work unit with 10-foot ceilings, floor-to-ceiling windows, and an oversized private balcony.
Property Size720 SF
Price / SF$875
Days on Market95
Property Features for 250 NW 24th Street Unit 2B
General Information
Standard status
Active
Size
720 SF
Property subtype
Office
Additional Details
Clear Height
10 ft
Building Details
Year Built
2015
Listing Agency:
Coldwell Banker Realty
(305) 672-6300
Listed By:
Elaine Atkins · License #A12077695
(410) 980-7931
Source:
Lehmannflorida
Added: Jun 5
Changed: Sep 7
Last Checked: Sep 6 at 6:38AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
250 Wynwood is a boutique live-work building designed by New York City architect Laith Sayigh, with artwork selected by Miami gallerist Anthony Spinello. Unit 2B features 10-foot ceilings, expansive open living space, floor-to-ceiling windows, and an oversized private balcony.
The unit can be used for a range of commercial and creative applications, including office, loft, retail, gallery, or studio use. This flexible configuration is well suited to tenants looking for an open, light-filled interior with direct access to private outdoor space.
Please note the property is offered for sale. Unit size is listed as 720 (units as provided).
The unit can be used for a range of commercial and creative applications, including office, loft, retail, gallery, or studio use. This flexible configuration is well suited to tenants looking for an open, light-filled interior with direct access to private outdoor space.
Please note the property is offered for sale. Unit size is listed as 720 (units as provided).
Key Highlights
- 2015‑built boutique live‑work building unit in the Wynwood Arts District
- 10‑foot ceilings with open living space
- Floor‑to‑ceiling windows
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
$20,655
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
3.28%
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%
$413,100
$413.1K
Cap Rate 7%
$295,071
$295.1K
Cap Rate 9%
$229,500
$229.5K
Market Conditions
NOI Build-Up for 720 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
$32.4K $45.00/SF
− Vacancy
−$4.9K −$6.75/SF
EGI
$27.5K $38.25/SF
− OpEx
−$6.9K −$9.56/SF
NOI
$20.7K $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /SF/Yr
Expense Ratio
25.00%
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%
$413,100
Cap Rate 7%
$295,071
Cap Rate 9%
$229,500
Alternative Uses
Best Use
Office B
$295.1K
$258.2K – $344.3K
NOI $20,655 @ 7.0% cap · market cap 3.28%
Second Best
Mixed Use
$243.0K
$212.6K – $283.5K
NOI $17,010 @ 7.0% cap · market cap 2.70%
Theoretical Best
Specialty Retail
$486.0K
$425.3K – $567.0K
NOI $34,020 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
6,248
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 Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Boutique live-work unit with 10-foot ceilings, floor-to-ceiling windows, and an oversized private balcony.
Where is this live-work space located?
The property is located at 250 NW 24th Street Unit 2B Miami, FL.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: 2015‑built boutique live‑work building unit in the Wynwood Arts District; 10‑foot ceilings with open living space; Floor‑to‑ceiling windows
