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 Market173
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
(305) 496-0687
Listed By:
Sherry Lebowitz · License #3268355
(305) 496-0687
Source:
Elliman
Added: Mar 11
Changed: Aug 19
Last Checked: Aug 29 at 10:13AM
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 = 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
$55,835
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
4.90%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.**
