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    2622 24Th St Miami, FL 33142

    For Sale
    $2,600,000

    Miami multifamily, high ROI, renovated

    Property size:
    5,148 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This exceptional Allapattah investment opportunity presents a fully renovated, 4-unit apartment building situated on a 7,150 sq ft lot in Miami, Florida (33142). Built in 1983 and extensively renovated in 2023, this two-story, 5,148 sq ft building boasts a 100% occupancy rate, generating a current NOI of $122,400 and a pro-forma NOI of $126,000. Each of the four units features three bedrooms, two bathrooms, and a small den, offering substantial living space. The comprehensive renovation included new windows, doors, bathrooms, AC units, electrical, and plumbing systems. The property benefits from separate electric meters per unit and a single water meter for the building, with the landlord covering water expenses and tenants responsible for their electricity. The building's design originally allowed for eight units, but it currently operates efficiently as a fourplex. The property is zoned T4-R and offers a compelling price per square foot of $505.05, with a land value of $349 per square foot. The asking price is $2,600,000, representing a 4.71% cap rate and a pro-forma cap rate of 4.85%. Its prime location offers convenient access to Magic City Casino, Merrick Park, and Wynwood, contributing to its strong rental demand and investment potential. This is a stabilized investment property with significant upside potential in a thriving Miami market.

    Property Features for 2622 24Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,148 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1983/2023
    Buildings
    1
    Stories
    2
    Units
    4

    HighLights

    • Fully renovated 4‑unit apartment building in Allapattah, Miami (33142).
    • 5,148 sq ft building on a 7,150 sq ft lot, built in 1983, renovated in 2023.
    • 100% occupancy, generating $122,400 current NOI and $126,000 pro‑forma NOI.
    • Four 3 bed/2 bath units with dens; separate electric meters, shared water (landlord‑paid).
    • $2,600,000 asking price; 4.71% cap rate (4.85% pro‑forma); $505.05 price per sq ft; $349 land value per sq ft.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.239038506242
    Latitude
    25.798921522332

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    FAQs

    What type of property is this?
    Multifamily property - Miami multifamily, high ROI, renovated
    Where is this multifamily property located?
    The property is located at 2622 24Th St Miami, FL.
    What is the asking price?
    The asking price for this property is $2,600,000.
    What are key features of this property?
    This property features: Fully renovated 4-unit apartment building in Allapattah, Miami (33142).; 5,148 sq ft building on a 7,150 sq ft lot, built in 1983, renovated in 2023.; 100% occupancy, generating $122,400 current NOI and $126,000 pro-forma NOI.
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    2622 24Th St Miami, FL 33142
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    Miami, FL 33142
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    Realmo Value Estimation

    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.

    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.

    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
    2622 24Th St Miami, FL 33142
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