Five-Unit Apartment
For Sale
$1,250,000
2610 NW 23rd Ave, Miami, FL 33142
Residential Income, Miami, FL
Property Size5,327 SF
Lot Size0.25 Acres
Price / SF$234.65
Days on Market44
Property Features for 2610 NW 23rd Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Bedrooms
7
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 6, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 4, Bathroom 5, Bedroom 2, Bedroom 5, Bedroom 6, Bedroom 1
Parking
6
Subdivision
WESTHAVEN
Lot features
1/4 to 1/2 Acre Lot
Standard status
Active
APN
01-31-27-026-0370
Size
5,327 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WESTHAVEN PB 6-95 LOT 17 BLK 2 LOT SIZE 5520 SQUARE FEET OR 14149-2878 0689 4 COC 21951-0812 12 2003 2
Tax Annual Amount
12993
Legal Description
WESTHAVEN PB 6-95 LOT 17 BLK 2 LOT SIZE 5520 SQUARE FEET OR 14149-2878 0689 4 COC 21951-0812 12 2003 2
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1926
Floors in Building
2
Flooring type
Tile
Building materials
Block
Architectural style
Other
Listing Agency:
Julies Realty, LLC
(305) 751-6400
Listed By:
Yilena Mendoza · License #3303361
(786) 442-7626
Added: Jul 18
Changed: Aug 26
Last Checked: Aug 30 at 4:06AM
MLS# A11956823
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1926 block apartment property contains five residential units: four one-bedroom, one-bath apartments and one larger four-bedroom, three-bath residence. The building measures 5,327 square feet and includes tile flooring, central heating, central air, public sewer, and individual water, electric, and gas meters. Cable is available.
The offering includes two contiguous lots totaling 11,040 square feet, with an adjacent land parcel included in the portfolio sale under a separate folio. The property is located at 2610 NW 23rd Ave in Miami’s Allapattah area, along the NW 27th Avenue corridor and immediately west of the Wynwood Arts District. T4-R zoning, proximity to Wynwood, the Health District, Downtown Miami, and major employment centers, plus access to SR-836, I-95, and the Airport Expressway, are stated property features.
The offering includes two contiguous lots totaling 11,040 square feet, with an adjacent land parcel included in the portfolio sale under a separate folio. The property is located at 2610 NW 23rd Ave in Miami’s Allapattah area, along the NW 27th Avenue corridor and immediately west of the Wynwood Arts District. T4-R zoning, proximity to Wynwood, the Health District, Downtown Miami, and major employment centers, plus access to SR-836, I-95, and the Airport Expressway, are stated property features.
Key Highlights
- Five‑unit layout with four 1‑bedroom/1‑bath units and one 4‑bedroom/3‑bath unit
- Two contiguous lots totaling 11,040 square feet
- 5,327‑square‑foot block building constructed in 1926
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
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,665
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing multifamily property with varied unit layouts, individual utility meters, and T4-R zoning in Miami’s Allapattah area.
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: Five‑unit layout with four 1‑bedroom/1‑bath units and one 4‑bedroom/3‑bath unit; Two contiguous lots totaling 11,040 square feet; 5,327‑square‑foot block building constructed in 1926
