Renovated Multifamily Income
850 Northwest 2nd Street Miami, FL 33128
850 Northwest 2nd Street, Miami, FL, 33128
$2,299,000
For Sale
$2,299,000
Renovated multifamily offering 10 rental units, including 1BR/1BA apartments and a duplex, with separate electric meters.
Property Size5,898 SF
Price / SF$389.79
Days on Market860
Property Features for 850 Northwest 2nd Street
General Information
- Standard status
- Active
- Size
- 5,898 SF
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1918
Listing agency
London Foster Realty
(305) 514-0100
Listed by
Ian Lazaro Osorio · License #3442018
(305) 514-0100
Source
Compass
Added: Mar 15, 2024 Updated: Jul 22 at 4:02AM Checked: Jul 22 at 4:02AM
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 for-sale multifamily income property includes a fully renovated 8-unit apartment building plus a single-family home that is currently operated as a duplex, resulting in 10 total rental units. The apartment units are one-bedroom, one-bath layouts. The duplex operation provides 2BR/1BA units on each side for a total of two additional rental units.
The property features recent improvements including new floors, new kitchens, new AC mini splits, and updated bathrooms. It also includes stainless steel appliances and separate electric meters.
Current occupancy is reported as 100%, with the 1BR/1BA units rented at an average of $1,800 per month and the duplex generating $4,000 per month. The public remarks also report a current annual gross income of $221,100 and an actual current cap rate of 6.28%.
The property features recent improvements including new floors, new kitchens, new AC mini splits, and updated bathrooms. It also includes stainless steel appliances and separate electric meters.
Current occupancy is reported as 100%, with the 1BR/1BA units rented at an average of $1,800 per month and the duplex generating $4,000 per month. The public remarks also report a current annual gross income of $221,100 and an actual current cap rate of 6.28%.
Key Highlights
- 10 rental units in Little Havana: 8 fully renovated apartments plus a single‑family home used as a 2‑unit duplex (2BR/1BA each).
- 100% occupied with current annual gross income of $221,100.
- 1/1 apartments rented at an average of $1,800 per month; duplex generates $4,000 per month.
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 | $212.3k | $36.00 |
| − Vacancy | −$14.2k | −$2.41 |
| EGI | $198.1k | $33.59 |
| − OpEx | −$89.1k | −$15.11 |
| NOI | $109.0k | $18.47 |
5,898 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $108,956 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.98M
$3.48M – $4.64M
NOI $278,683 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated multifamily offering 10 rental units, including 1BR/1BA apartments and a duplex, with separate electric meters.
Where is this apartment building located?
The property is located at 850 Northwest 2nd Street Miami, FL.
What is the asking price?
The asking price for this property is $2,299,000.
What are key features of this property?
This property features: 10 rental units in Little Havana: 8 fully renovated apartments plus a single‑family home used as a 2‑unit duplex (2BR/1BA each).; 100% occupied with current annual gross income of $221,100.; 1/1 apartments rented at an average of $1,800 per month; duplex generates $4,000 per month.
