5-Unit Apartment
For Sale
$1,250,000
2610 Northwest 23rd Avenue, Miami, FL 33142
Multifamily property with varied unit layouts and separate water, electric, and gas metering.
Property Size5,327 SF
Lot Size0.25 Acres
Price / SF$234.65
Days on Market222
Property Features for 2610 Northwest 23rd Avenue
General Information
Standard status
Active
Size
5,327 SF
Lot size
0.25 Acres
Property subtype
Residential Income / Fourplex
Zoning
T4-R
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA, 1 x 4BR/3BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$12,993
Building Details
Year Built
1926
Buildings
1
Listing Agency:
Julies Realty, LLC
Listed By:
Yilena Mendoza · License #3303361
(305) 751-6400
Source:
Compass
Added: Jan 25
Changed: Sep 3
Last Checked: Sep 2 at 11:41PM
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 Julies Realty, LLC
Investment Insights
Based on property information with market context.
Located at 2610 Northwest 23rd Avenue in Miami, this 1926 multifamily property contains five units: four one-bedroom, one-bath residences and one four-bedroom, three-bath residence. Each unit has separate meters for water, electricity, and gas. The building is part of a portfolio sale that includes two contiguous lots totaling 11,040 square feet, including adjacent land parcel A11959678 under a separate folio.
The property is zoned T4-R and positioned along the NW 27th Avenue corridor in Allapattah, immediately west of the Wynwood Arts District. The location provides access to SR-836, I-95, and the Airport Expressway, with Miami’s Health District, Downtown Miami, and Miami International Airport referenced in the surrounding context.
The property is zoned T4-R and positioned along the NW 27th Avenue corridor in Allapattah, immediately west of the Wynwood Arts District. The location provides access to SR-836, I-95, and the Airport Expressway, with Miami’s Health District, Downtown Miami, and Miami International Airport referenced in the surrounding context.
Key Highlights
- Five‑unit mix with four 1‑bedroom/1‑bath units and one 4‑bedroom/3‑bath unit
- Separate meters for water, electricity, and gas at each unit
- Two contiguous lots totaling 11,040 square feet
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
$98,408
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
7.87%
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%
$1,968,160
$2.0M
Cap Rate 7%
$1,405,829
$1.4M
Cap Rate 9%
$1,093,422
$1.1M
Market Conditions
NOI Build-Up for 5,327 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
$191.8K $36.00/SF
− Vacancy
−$12.8K −$2.41/SF
EGI
$178.9K $33.59/SF
− OpEx
−$80.5K −$15.11/SF
NOI
$98.4K $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%
$1,968,160
Cap Rate 7%
$1,405,829
Cap Rate 9%
$1,093,422
Alternative Uses
Best Use
Apartment 5plus
$1.41M
$1.23M – $1.64M
NOI $98,408 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.60M
$3.15M – $4.20M
NOI $251,703 @ 7.0% cap · market cap 20.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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 varied unit layouts and separate water, electric, and gas metering.
Where is this apartment building located?
The property is located at 2610 Northwest 23rd Avenue Miami, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Five‑unit mix with four 1‑bedroom/1‑bath units and one 4‑bedroom/3‑bath unit; Separate meters for water, electricity, and gas at each unit; Two contiguous lots totaling 11,040 square feet
