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The Wynwood 116-118 NW 24th St 8 Unit Apartment Building $4,813,153 CAD ($601,644 CAD/Unit) 1.93% Cap Rate Miami, FL 33127
Investment Highlights
- Eight renovated studio units with current monthly income of approximately $12,400.
- 7,500 SF lot in the heart of Wynwood, offering substantial long-term value.
- Within walking distance to Wynwood Walls and premier dining, retail, and nightlife venues.
- Zoned T5-O/NRD-1, allowing flexible redevelopment including residential and mixed-use projects.
- Recently upgraded infrastructure including new roof (installed 2016) and community Wi-Fi.
- Includes eight street parking spaces with city decals and centralized laundry facilities.
Executive Summary
116-118 NW 24th Street offers a rare covered land play in the heart of Miami’s iconic Wynwood Arts District. Featuring eight fully leased studio apartments, this property generates steady in-place income of approximately $12,400 per month, making it a strong holding option while exploring future redevelopment. Zoned T5-O/NRD-1, this 7,500 SF parcel provides flexibility for mid-rise mixed-use projects, capitalizing on Wynwood’s ongoing transformation and high demand for both residential and retail offerings.
The property benefits from its proximity to major lifestyle and employment hubs, including the Miami Design District, Midtown, Allapattah, and Downtown Miami, all within minutes. Immediate access to key transportation routes ensures connectivity across Greater Miami, and the neighborhood’s walkability supports its thriving cultural, culinary, and retail environment. Investors can leverage Wynwood’s upward trajectory for appreciation while benefiting from dependable short-term cash flow. This is a compelling opportunity to control an income-producing asset with significant redevelopment potential in one of Miami’s most dynamic corridors.
The property benefits from its proximity to major lifestyle and employment hubs, including the Miami Design District, Midtown, Allapattah, and Downtown Miami, all within minutes. Immediate access to key transportation routes ensures connectivity across Greater Miami, and the neighborhood’s walkability supports its thriving cultural, culinary, and retail environment. Investors can leverage Wynwood’s upward trajectory for appreciation while benefiting from dependable short-term cash flow. This is a compelling opportunity to control an income-producing asset with significant redevelopment potential in one of Miami’s most dynamic corridors.
Property Facts
| Price | $4,813,153 CAD | Building Class | C |
| Price Per Unit | $601,644 CAD | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 4,367 SF |
| Cap Rate | 1.93% | Average Occupancy | 87% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1930/2012 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | T5-O/NRD-1 | ||
| Price | $4,813,153 CAD |
| Price Per Unit | $601,644 CAD |
| Sale Type | Investment |
| Cap Rate | 1.93% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,367 SF |
| Average Occupancy | 87% |
| No. Stories | 1 |
| Year Built/Renovated | 1930/2012 |
| Parking Ratio | 1/1,000 SF |
| Zoning | T5-O/NRD-1 |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Kitchen
- Wi-Fi
- Lawn
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 1
Exceptionally walkable
90/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 01-3125-037-0420 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $3,909,053 CAD |
Property Taxes
Parcel Number
01-3125-037-0420
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$3,909,053 CAD
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The Wynwood | 116-118 NW 24th St
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