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    126 33Rd St Miami, FL 33127

    Sponsored
    For Sale
    $1,450,000

    Prime Wynwood location, high rental income, T4R zoning.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional Wynwood property at 126 NW 33rd St, Miami, FL 33127 presents a unique investment opportunity. The 5,000 square foot lot is zoned T4R under the NDR-2 UrbanCore Opportunity Zone, allowing for significant development potential. Currently generating approximately $138,000 annually in rental income via Airbnb, the property offers immediate cash flow. The existing structure, built in 1924, features a main house with four bedrooms and three bathrooms, plus a separate guest house, providing versatility. The T4R zoning permits the construction of a building up to four stories high, with the possibility of up to 17 rental units. Zero parking is allowed, maximizing the number of units that can be built while maintaining 70% lot coverage. This location in the heart of Wynwood's vibrant art and culture scene offers unparalleled potential for a high-return investment. The property's current configuration and zoning flexibility make it ideal for both short-term and long-term rental strategies. This is a rare chance to acquire a property with substantial upside in one of Miami's most sought-after neighborhoods. The asking price is $1,450,000.

    Property Features for 126 33Rd St

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1924
    Stories
    1

    We can help!

    Listing Contact
    Monica Hurtado
    Monica Hurtado

    Learn more

    Property Insight Report

    HighLights

    • Exceptional Wynwood investment opportunity at 126 NW 33rd St, Miami, FL 33127.
    • 5,000 sq ft lot zoned T4R in the NDR‑2 UrbanCore Opportunity Zone.
    • Currently generates $138,000 annual rental income (Airbnb).
    • Existing 4 bed/3 bath main house plus separate guest house.
    • T4R zoning allows up to four stories and 17 rental units (70% lot coverage, zero parking).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Realty agency Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Food Market Grocery Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.1979458
    Latitude
    25.8072331

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    FAQs

    What type of property is this?
    Multifamily property - Prime Wynwood location, high rental income, T4R zoning.
    Where is this multifamily property located?
    The property is located at 126 33Rd St Miami, FL.
    What is the asking price?
    The asking price for this property is $1,450,000.
    What are key features of this property?
    This property features: Exceptional Wynwood investment opportunity at 126 NW 33rd St, Miami, FL 33127.; 5,000 sq ft lot zoned T4R in the NDR-2 UrbanCore Opportunity Zone.; Currently generates $138,000 annual rental income (Airbnb).
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    126 33Rd St Miami, FL 33127
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    We can help!
    Listing Contact
    Monica Hurtado
    Monica Hurtado
    Real Estate License ID: 3298858
    Learn more
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