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641 NW 2nd St 6 Unit Apartment Building $1,999,999 ($333,333/Unit) 6.31% Cap Rate Miami, FL 33128
Investment Highlights
- 7,500 SF lot with T6-8-O zoning allowing up to 8 stories
- 40-year recertification completed
- On-site laundry for additional tenant convenience
- New roof, updated electrical and plumbing
- Assigned parking for each unit
- Strong rental demand in rapidly growing Little River area
Executive Summary
Prime Little River investment opportunity offering immediate income, value-add potential, and long-term redevelopment upside. Six-unit multifamily consisting of all 2/1 units on a 7,500 SF lot with T6-8-O zoning. Property features new roof, updated electrical and plumbing, and completed 40-year recertification. Currently generating approximately $138K annually with one vacant unit, allowing immediate lease-up at market rent. Stabilized income projected at ~$168K. Zoning allows for high-density mixed-use development up to 8 stories. Ideal covered land play with income in place.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$168,000
|
$36.04
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$168,000
|
$36.04
|
| Taxes |
$25,885
|
$5.55
|
| Operating Expenses |
$15,912
|
$3.41
|
| Total Expenses |
$41,797
|
$8.97
|
| Net Operating Income |
$126,203
|
$27.07
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $168,000 |
| Annual Per SF | $36.04 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $168,000 |
| Annual Per SF | $36.04 |
| Taxes | |
|---|---|
| Annual | $25,885 |
| Annual Per SF | $5.55 |
| Operating Expenses | |
|---|---|
| Annual | $15,912 |
| Annual Per SF | $3.41 |
| Total Expenses | |
|---|---|
| Annual | $41,797 |
| Annual Per SF | $8.97 |
| Net Operating Income | |
|---|---|
| Annual | $126,203 |
| Annual Per SF | $27.07 |
Property Facts
| Price | $1,999,999 | Apartment Style | Low-Rise |
| Price Per Unit | $333,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.31% | Building Size | 4,662 SF |
| Sale Condition | Redevelopment Project | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.5 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.71/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | T6-8-O - 6-Unit building steps from the Miami River, zoned T6-8-O. Land bank opportunity with cash flow in place. Buy and hold as multifamily, convert to short | ||
| Price | $1,999,999 |
| Price Per Unit | $333,333 |
| Sale Type | Investment |
| Cap Rate | 6.31% |
| Sale Condition | Redevelopment Project |
| Gross Rent Multiplier | 14.5 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,662 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.71/1,000 SF |
| Zoning | T6-8-O - 6-Unit building steps from the Miami River, zoned T6-8-O. Land bank opportunity with cash flow in place. Buy and hold as multifamily, convert to short |
Amenities
Unit Amenities
- Balcony
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Dining Room
- Freezer
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
1 1
Very walkable
80/100
Fairly drivable
50/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 01-0200-040-1100 | Total Assessment | $1,347,420 (2025) |
| Land Assessment | $1,275,000 (2025) | Annual Taxes | $25,885 ($5.55/SF) |
| Improvements Assessment | $72,420 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
01-0200-040-1100
Land Assessment
$1,275,000 (2025)
Improvements Assessment
$72,420 (2025)
Total Assessment
$1,347,420 (2025)
Annual Taxes
$25,885 ($5.55/SF)
Tax Year
2026
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641 NW 2nd St
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