Renovated 9-Unit Apartment
For Sale
$1,750,000
6743 Northwest 2nd Court, Miami, FL 33150
Income-producing multifamily property with updated interiors, gated parking, and a varied one- and two-bedroom unit mix.
Property Size3,872 SF
Price / SF$451.96
Days on Market888
Property Features for 6743 Northwest 2nd Court
General Information
Standard status
Active
Size
3,872 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Taxes and HOA fees
Annual Taxes
$13,763
Building Details
Year Built
1941
Listing Agency:
London Foster Realty
Listed By:
Ian Lazaro Osorio · License #3442018
(305) 514-0100
Source:
Compass
Added: Apr 1, 2024
Changed: Sep 2
Last Checked: Sep 4 at 3:12PM
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 London Foster Realty
Investment Insights
Based on property information with market context.
This 9-unit apartment property contains 3,872 SF and was built in 1941. The unit mix includes one 2BD/2BA apartment, two 2BD/1BA apartments, and six 1BD/1BA apartments. Renovations include new flooring, bathrooms, kitchens, and stainless steel appliances. The property also has a newer roof and a passed 40-year recertification.
Located at 6743 Northwest 2nd Court in Miami, the property is 5 minutes from the MiMo District, Design District, and Wynwood, 10 minutes from Downtown Miami and Miami Beach, and 4 minutes from the Magic City Innovation District. On-site parking is provided within a gated lot. The stated cap rate is 6.12%.
Located at 6743 Northwest 2nd Court in Miami, the property is 5 minutes from the MiMo District, Design District, and Wynwood, 10 minutes from Downtown Miami and Miami Beach, and 4 minutes from the Magic City Innovation District. On-site parking is provided within a gated lot. The stated cap rate is 6.12%.
Key Highlights
- 9‑unit multifamily property with a 6.12% cap rate
- 3,872 SF building constructed in 1941
- Unit mix: 1 - 2BD/2BA, 2 - 2BD/1BA, and 6 - 1BD/1BA
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
$71,529
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
4.09%
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%
$1,430,580
$1.4M
Cap Rate 7%
$1,021,843
$1.0M
Cap Rate 9%
$794,767
$794.8K
Market Conditions
NOI Build-Up for 3,872 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
$139.4K $36.00/SF
− Vacancy
−$9.3K −$2.41/SF
EGI
$130.1K $33.59/SF
− OpEx
−$58.5K −$15.11/SF
NOI
$71.5K $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%
$1,430,580
Cap Rate 7%
$1,021,843
Cap Rate 9%
$794,767
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$894.1K – $1.19M
NOI $71,529 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.61M
$2.29M – $3.05M
NOI $182,954 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
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 multifamily property with updated interiors, gated parking, and a varied one- and two-bedroom unit mix.
Where is this apartment building located?
The property is located at 6743 Northwest 2nd Court Miami, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 9‑unit multifamily property with a 6.12% cap rate; 3,872 SF building constructed in 1941; Unit mix: 1 - 2BD/2BA, 2 - 2BD/1BA, and 6 - 1BD/1BA
