Wynwood Fourplex with Development
For Sale
$1,140,000
251 NW 34th Ter, Miami, FL 33127
Four-unit property in Wynwood, T4 zoning, development opportunity.
Property Size2,784 SF
Days on Market218
Property Features for 251 NW 34th Ter
General Information
Standard status
Active
Size
2,784 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$15,524
Building Details
Building Size
2,784 SF
Year Built
1926
Stories
2
Listing Agency:
Lifestyle International Realty
Listed By:
Sherry Lebowitz · License #3268355
(305) 496-0687
Source:
Elliman
Added: Mar 11
Changed: Oct 6
Last Checked: Oct 12 at 7:55PM
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 Lifestyle International Realty
Investment Insights
Based on property information with market context.
This two-story fourplex in Wynwood presents a significant opportunity, featuring four units, each with two bedrooms and one bathroom. The property has completed its 40-year recertification. Zoned T4, the property allows for up to 16 units across three stories, with no parking requirements if contributing to the parking fund. The current tenants are on month-to-month leases. The property is located blocks from the shops and restaurants of Midtown and Wynwood. A neighboring duplex at 241 NW 34th Terrace is also for sale, presenting a development opportunity.
Key Highlights
- Zoned T4 allowing up to 16 units across three stories.
- 4‑Plex with four 2/1 units.**
- 40‑year recertification complete.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,835
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,116,700
$1.1M
Cap Rate 7%
$797,643
$797.6K
Cap Rate 9%
$620,389
$620.4K
Market Conditions
NOI Build-Up for 2,784 SF
Gross rent
$85.2K $30.60/SF
− Vacancy
−$5.4K −$1.95/SF
EGI
$79.8K $28.65/SF
− OpEx
−$23.9K −$8.60/SF
NOI
$55.8K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,116,700
Cap Rate 7%
$797,643
Cap Rate 9%
$620,389
Alternative Uses
Best Use
Multifamily LT 5
$797.6K
$697.9K – $930.6K
NOI $55,835 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$734.7K
$642.9K – $857.2K
NOI $51,430 @ 7.0% cap · market cap 4.51%
Theoretical Best
Specialty Retail
$1.88M
$1.64M – $2.19M
NOI $131,545 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property in Wynwood, T4 zoning, development opportunity.
Where is this quadplex located?
The property is located at 251 NW 34th Ter Miami, FL.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: Zoned T4 allowing up to 16 units across three stories.; 4‑Plex with four 2/1 units.**; 40‑year recertification complete.**
