Miami Multifamily Property with Expansion
For Sale
$639,000
404 NW 23rd Ct, Miami, FL 33125
Multifamily property in Miami with expansion and redevelopment potential.
Property Size1,641 SF
Days on Market409
Property Features for 404 NW 23rd Ct
General Information
Standard status
Active
Size
1,641 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$9,277
Building Details
Building Size
1,641 SF
Year Built
1938
Listing Agency:
One Stop Realty
Listed By:
Gelsis Navarro · License #3484277
(305) 542-5057
Source:
Marcelosteinmander
Added: Aug 27, 2025
Changed: Oct 6
Last Checked: Oct 7 at 4:18PM
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 One Stop Realty
Investment Insights
Based on property information with market context.
Located in Miami, this multifamily residential property offers opportunities for investors, homebuyers, and developers. The property features a two-unit main residence and an additional efficiency unit, situated on a lot with potential for future growth and customization. The main structure includes two units: one with a 2/1 ratio and the other with a 1/1 ratio. The property is zoned T3-O Miami, allowing for expansion, redevelopment, and rental income for 3-unit development sites. It is located minutes from downtown Miami and in proximity to Wynwood, Brickell, and Midtown. Nearby amenities include educational institutions, healthcare facilities, and accessible parks and recreational areas.
Key Highlights
- Three Income‑Generating Units: Features two main units (2/1 and 1/1) plus an additional efficiency unit, providing immediate rental income.
- T3‑O Miami Zoning: Allows for expansion, redevelopment, and rental income potential for a 3‑unit development.
- Spacious Lot with Growth Potential: Offers ample space for future growth, customization, and potential expansion of the existing structure.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,911
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$658,220
$658.2K
Cap Rate 7%
$470,157
$470.2K
Cap Rate 9%
$365,678
$365.7K
Market Conditions
NOI Build-Up for 1,641 SF
Gross rent
$50.2K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$47.0K $28.65/SF
− OpEx
−$14.1K −$8.60/SF
NOI
$32.9K $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 Rate 5%
$658,220
Cap Rate 7%
$470,157
Cap Rate 9%
$365,678
Alternative Uses
Best Use
Multifamily LT 5
$470.2K
$411.4K – $548.5K
NOI $32,911 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$433.1K
$378.9K – $505.3K
NOI $30,315 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$1.11M
$969.2K – $1.29M
NOI $77,538 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Multifamily property - Multifamily property in Miami with expansion and redevelopment potential.
Where is this multifamily property located?
The property is located at 404 NW 23rd Ct Miami, FL.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Three Income‑Generating Units: Features two main units (2/1 and 1/1) plus an additional efficiency unit, providing immediate rental income.; T3‑O Miami Zoning: Allows for expansion, redevelopment, and rental income potential for a 3‑unit development.; Spacious Lot with Growth Potential: Offers ample space for future growth, customization, and potential expansion of the existing structure.
