Remodeled Multifamily with Mini-Split
421 NW 12th Street Florida City, FL 33034
421 NW 12th Street, Florida City, FL, 33034
$2,850,000
For Sale
$2,850,000
Two fenced multifamily buildings featuring roof work in 2023 and newly installed mini-split A/C systems.
Property Size7,944 SF
Price / SF$358.76
Days on Market39
Property Features for 421 NW 12th Street
General Information
- Standard status
- Active
- Size
- 7,944 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1959
Listing Agency
LUXE PROPERTIES
Listed by
CHRISTIAN FOJON · License #A11528411
Source
Corcoran
Added: Jun 9 Checked: Jul 17 at 3:51 am
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 LUXE PROPERTIES
Investment Insights
Based on property information with market context.
This offering includes two multifamily buildings sold together: 421 NW 12th Street, and 421 NW 12th Street sold together with a second property identified in the remarks as 441 NW 12th Street. The roof was sealed in 2023, and all new mini-split A/C units have been installed. Both buildings have been wired for camera systems, and the properties are fenced. One building contains a mix of 2-bedroom/1-bath and 1-bedroom/1-bath layouts, with 13 units fully remodeled and the remaining units described as partly remodeled. The owner also notes that both buildings will be painted and that there are new tenants, with some units waiting on appliances or minor finishes.
Based on the provided rent roll, Building 421 includes eight 2-bedroom/1-bath units at stated rents of $1,600 (multiple units) and $1,500 (one unit), plus eight 1-bedroom/1-bath units with stated rents ranging from $1,350 to $1,450 per month. The remarks further state that both properties are surrounded by new multifamily buildings and that new townhomes are behind the properties.
For buyers seeking a small, renovation-ready multifamily package, the combination of 2023 roof sealing, new mini-splits, fenced grounds, and completed unit updates supports an operation focused on resident-ready housing with straightforward property management across two buildings.
Based on the provided rent roll, Building 421 includes eight 2-bedroom/1-bath units at stated rents of $1,600 (multiple units) and $1,500 (one unit), plus eight 1-bedroom/1-bath units with stated rents ranging from $1,350 to $1,450 per month. The remarks further state that both properties are surrounded by new multifamily buildings and that new townhomes are behind the properties.
For buyers seeking a small, renovation-ready multifamily package, the combination of 2023 roof sealing, new mini-splits, fenced grounds, and completed unit updates supports an operation focused on resident-ready housing with straightforward property management across two buildings.
Key Highlights
- Two multifamily buildings at 441 NW 12 St and 421 NW 12 St sold together
- Year built 1959
- Roof sealed in 2023
Local 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 | $232.6k | $29.28 |
| − Vacancy | −$10.5k | −$1.32 |
| EGI | $222.1k | $27.96 |
| − OpEx | −$100.0k | −$12.58 |
| NOI | $122.2k | $15.38 |
7,944 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,173 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.03M
$3.53M – $4.70M
NOI $282,123 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
1031 exchange properties
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FAQs
What type of property is this?
Apartment building - Two fenced multifamily buildings featuring roof work in 2023 and newly installed mini-split A/C systems.
Where is this apartment building located?
The property is located at 421 NW 12th Street Florida City, FL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Two multifamily buildings at 441 NW 12 St and 421 NW 12 St sold together; Year built 1959; Roof sealed in 2023
