5-Unit Multifamily with Adjacent
For Sale
Contact for pricing
2610 NW 23rd Ave, Miami, FL 33142
Income-producing five-unit multifamily building plus adjacent zoned land parcel under T4-R.
Property Size5,327 SF
Lot Size0.25 Acres
Price / SF$234.65
Days on Market193
Property Features for 2610 NW 23rd Ave
General Information
Standard status
Active
Size
5,327 SF
Total Parking Spaces
6
Lot size
0.25 Acres
Property subtype
Multifamily
Zoning
3900
Net Operating Income
$9,032,633
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Building Details
Year Built
1926
Stories
2
Units
6
Listing Agency:
Julies Realty, LLC
(786) 442-7626
Listed By:
Milady Naranjo · License #3392187
Source:
Crexi
Added: Feb 1
Changed: Aug 8
Last Checked: Jul 18 at 12:00AM
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.
The offering includes an income-producing 5-unit multifamily building with four 1-bedroom/1-bath units and one 4-bedroom/3-bath unit. Each unit has individual utility meters for water, electricity, and gas, supporting separate metering and streamlined utility allocation.
The property is being marketed as a portfolio sale that includes adjacent land parcel A11959678 (separate folio) and is positioned on the NW 27th Avenue corridor, immediately west of the Wynwood Arts District. The land is identified as zoned T4-R, offering redevelopment optionality alongside the existing rental income.
The location provides quick access to SR-836, I-95, and the Airport Expressway, with proximity described to Wynwood, the Health District, and Downtown Miami.
The property is being marketed as a portfolio sale that includes adjacent land parcel A11959678 (separate folio) and is positioned on the NW 27th Avenue corridor, immediately west of the Wynwood Arts District. The land is identified as zoned T4-R, offering redevelopment optionality alongside the existing rental income.
The location provides quick access to SR-836, I-95, and the Airport Expressway, with proximity described to Wynwood, the Health District, and Downtown Miami.
Key Highlights
- Income‑producing 5‑unit multifamily building on two contiguous lots totaling 11,040 SF (portfolio sale).
- Unit mix includes four 1BR/1BA units and one 4BR/3BA unit.
- Separate utility meters for water, electricity, and gas for individual unit billing.
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
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,938
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 - Income-producing five-unit multifamily building plus adjacent zoned land parcel under T4-R.
Where is this apartment building located?
The property is located at 2610 NW 23rd Ave 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: Income‑producing 5‑unit multifamily building on two contiguous lots totaling 11,040 SF (portfolio sale).; Unit mix includes four 1BR/1BA units and one 4BR/3BA unit.; Separate utility meters for water, electricity, and gas for individual unit billing.
