Wynwood Assemblage with Redevelopment
For Sale
Contact for pricing
2010-2014-2020 NW Miami Court, Miami, FL 33127
Three-parcel assemblage near Wynwood's Art & Entertainment District.
Property Size26,374 SF
Price / SF$701.45
Days on Market2510
Property Features for 2010-2014-2020 NW Miami Court
General Information
Standard status
Active
Size
26,374 SF
Class
B
Property subtype
Mixed Use, Retail
Zoning
Miami 21 T5-O
Occupancy
100%
Lease Type
NNN
Investment Type
Redevelopment
Building Details
Year Built
1938
Buildings
3
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
The Corcoran Group Miami Beach
Listed By:
Frank Euler · License #3262818
(786) 252-7308
Source:
Crexi
Added: Oct 23, 2019
Changed: Aug 22
Last Checked: Aug 31 at 8:12AM
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 The Corcoran Group Miami Beach
Investment Insights
Based on property information with market context.
This portfolio features a 19,650 square foot three-parcel assemblage, offering approximately 26,274 square feet of leasable space. It is situated by the southeastern gateway to Wynwood’s Art & Entertainment District. The property benefits from existing cash flow generated from leases at below-market value, presenting an opportunity to increase revenues. The location is near several new projects, including CIM Group’s Wynwood Square, which will offer approximately 87,000 square feet of office and retail space, along with 257 apartments, and Quadrum Global’s Arlo Hotel. Current tenants are in place.
Key Highlights
- Located at the south‑eastern gateway into Wynwood’s Art & Entertainment District
- 19,650 SF three‑parcel assemblage with approximately 26,274 SF leasable space
- Existing cash flow from leases
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
$860,470
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
4.65%
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%
$17,209,400
$17.2M
Cap Rate 7%
$12,292,429
$12.3M
Cap Rate 9%
$9,560,778
$9.6M
Market Conditions
NOI Build-Up for 26,374 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
$1.37M $51.96/SF
− Vacancy
−$141.2K −$5.35/SF
EGI
$1.23M $46.61/SF
− OpEx
−$368.8K −$13.98/SF
NOI
$860.5K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
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%
$17,209,400
Cap Rate 7%
$12,292,429
Cap Rate 9%
$9,560,778
Alternative Uses
Best Use
Retail
$12.29M
$10.76M – $14.34M
NOI $860,470 @ 7.0% cap · market cap 4.65%
Second Best
Office B
$10.81M
$9.46M – $12.61M
NOI $756,604 @ 7.0% cap · market cap 4.09%
Theoretical Best
Specialty Retail
$17.80M
$15.58M – $20.77M
NOI $1,246,183 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,527
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-parcel assemblage near Wynwood's Art & Entertainment District.
Where is this mixed-use property located?
The property is located at 2010-2014-2020 NW Miami Court Miami, FL.
What is the asking price?
The asking price for this property is $18,500,000.
What are key features of this property?
This property features: Located at the south‑eastern gateway into Wynwood’s Art & Entertainment District; 19,650 SF three‑parcel assemblage with approximately 26,274 SF leasable space; Existing cash flow from leases
