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2012 SW 24th St 24 Unit Apartment Building $6,250,000 ($260,417/Unit) 4.88% Cap Rate Miami, FL 33145
Investment Highlights
- Well located Shenandoah Submarket
- Completely renovated building
- Impact windows
- Close to Coconut Grove
- Updated Electric
- Central air-conditioning & heat
Executive Summary
2012 SW 24th Street is a totally renovated building located in a very desirable Shenandoah neighborhood next door to Silver Bluff Park. The property offers an investor the opportunity to acquire a completely updated building with the opportunity to add value by increasing the rental income to market levels. The current rents are about $650 below market rents for similar buildings. The building is a 24-unit, three story residential building with all two-bedroom & one-bathroom units with about 682 SF. The property has impact windows, central air-conditioning & heat, updated electric, lighting, signage, interiors, fire sprinklers etc. The building has a T3-R zoning and is situated on a .18 acre lot. The tenants are responsible for electric and the owner pays for water, sewer and trash removal.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$544,572
|
$27.23
|
| Other Income |
$2,880
|
$0.14
|
| Vacancy Loss |
$27,229
|
$1.36
|
| Effective Gross Income |
$520,223
|
$26.01
|
| Taxes |
$95,941
|
$4.80
|
| Operating Expenses |
$119,012
|
$5.95
|
| Total Expenses |
$214,953
|
$10.75
|
| Net Operating Income |
$305,270
|
$15.26
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $544,572 |
| Annual Per SF | $27.23 |
| Other Income | |
|---|---|
| Annual | $2,880 |
| Annual Per SF | $0.14 |
| Vacancy Loss | |
|---|---|
| Annual | $27,229 |
| Annual Per SF | $1.36 |
| Effective Gross Income | |
|---|---|
| Annual | $520,223 |
| Annual Per SF | $26.01 |
| Taxes | |
|---|---|
| Annual | $95,941 |
| Annual Per SF | $4.80 |
| Operating Expenses | |
|---|---|
| Annual | $119,012 |
| Annual Per SF | $5.95 |
| Total Expenses | |
|---|---|
| Annual | $214,953 |
| Annual Per SF | $10.75 |
| Net Operating Income | |
|---|---|
| Annual | $305,270 |
| Annual Per SF | $15.26 |
Property Facts
| Price | $6,250,000 | Property Subtype | Apartment |
| Price Per Unit | $260,417 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.88% | Lot Size | 0.18 AC |
| Gross Rent Multiplier | 11.48 | Building Size | 16,368 SF |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1924/2003 |
| Zoning | T3-R | ||
| Price | $6,250,000 |
| Price Per Unit | $260,417 |
| Sale Type | Investment |
| Cap Rate | 4.88% |
| Gross Rent Multiplier | 11.48 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 16,368 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1924/2003 |
| Zoning | T3-R |
Amenities
Unit Amenities
- Air Conditioning
- Refrigerator
- Oven
- Wheelchair Accessible (Rooms)
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | $1,934 | 682 |
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Very walkable
80/100
Moderately drivable
60/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 01-4115-012-3250 | Total Assessment | $2,244,574 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | $95,941 ($5.86/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
01-4115-012-3250
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$2,244,574 (2025)
Annual Taxes
$95,941 ($5.86/SF)
Tax Year
2026
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