Leased 8-Unit Multifamily
345 Northwest 34th Street Miami, FL 33127
For Sale
$2,300,000
An 8-unit, 100% leased multifamily property with upgrades including impact windows, new AC, and a newer water heater.
Property Size4,866 SF
Price / SF$472.67
Days on Market722
Property Features for 345 Northwest 34th Street
General Information
- Standard status
- Active
- Size
- 4,866 SF
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1925
Listing Agency:
Brickell Realty Group International
(305) 477-1818
Listed By:
Pittel Dominguez · License #3053917
(305) 477-1818
Source:
Compass
Added: Aug 1, 2024
Changed: Jul 21
Last Checked: Jul 23 at 11:08AM
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 Brickell Realty Group International
Investment Insights
Based on property information with market context.
This multifamily property consists of an 8-unit building that is currently 100% leased. The building has been upgraded with impact windows, a new air conditioning system, and a new water heater, installed about 10 years ago. The owner reports steady annual increases in rental income, with a stated cap rate of 6.2%.
The property sits on a lot measuring 50 feet by 143 feet. The public remarks highlight zoning allowances to build up to 21 units, with no parking restrictions, subject to the approval process. The listing agent can provide more information, including income and expense details and rent rolls, as referenced in the flyer.
For investors and developers, this offering combines existing rental income with the potential to pursue redevelopment to a larger multifamily configuration, including the possibility of selling units as condos during a future development process, subject to approvals.
The property sits on a lot measuring 50 feet by 143 feet. The public remarks highlight zoning allowances to build up to 21 units, with no parking restrictions, subject to the approval process. The listing agent can provide more information, including income and expense details and rent rolls, as referenced in the flyer.
For investors and developers, this offering combines existing rental income with the potential to pursue redevelopment to a larger multifamily configuration, including the possibility of selling units as condos during a future development process, subject to approvals.
Key Highlights
- 8‑unit multifamily building built in 1925 with 100% lease occupancy
- Upgrades include impact windows, newer AC, and a newer water heater (about 10 years ago)
- Rental income steady with reported CAP rate of 6.2%
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $175.2k | $36.00 |
| − Vacancy | −$11.7k | −$2.41 |
| EGI | $163.4k | $33.59 |
| − OpEx | −$73.5k | −$15.11 |
| NOI | $89.9k | $18.47 |
4,866 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,892 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.28M
$2.87M – $3.83M
NOI $229,921 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - An 8-unit, 100% leased multifamily property with upgrades including impact windows, new AC, and a newer water heater.
Where is this apartment building located?
The property is located at 345 Northwest 34th Street Miami, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 8‑unit multifamily building built in 1925 with 100% lease occupancy; Upgrades include impact windows, newer AC, and a newer water heater (about 10 years ago); Rental income steady with reported CAP rate of 6.2%
