Six-unit multifamily, all 2 bed / 1 bath, on a 7,500 SF T6-8-O lot. Little Havana, one block from the Miami River, a ten-minute walk to Brickell. Miami, FL 33128.
641 NW 2nd Street is a two-story, six-unit CBS building on a 7,500 SF lot zoned T6-8-O, blocks from the Miami River and a short walk from Brickell. Five of the six 2 bed / 1 bath units are leased on seller-confirmed rents. Unit 4 is vacant and ready to lease at market, which puts the first rent increase in the buyer's hands on day one instead of at lease rollover. The building carries a new roof, updated electrical and plumbing, and a completed 40-year recertification.
Expenses come from the seller's March 2026 expense statement, including $25,885 in property taxes. Rents are per the current rent roll. Nothing here is a projection except where it is labeled as one.
Leased at $2,500, the building stabilizes at $165,000 gross and $123,203 NOI, a 6.16% cap on the asking price. No rollover needed to get there.
Apartments 1, 2 and 6 sit $250 to $500 a month below the $2,500 achievable for a 2/1 in 33128. Rollover adds $15,000 a year with no capital spent.
New roof. Updated electrical system. Updated plumbing. 40-year recertification completed. The next owner inherits the building after the capital items, not before.
Miami 21's urban core transect allows 8-story mixed-use as of right. The land carries redevelopment and assemblage optionality the income investor holds at no extra cost.
$333,333 per unit for a CBS building blocks from Downtown, where new multifamily does not pencil under $350,000 to $500,000 per unit fully loaded.
T6-8-O is Miami 21's highest-intensity urban transect. It permits 8-story mixed-use development as of right, ground-floor commercial with residential above. The property is a stabilized income asset today and a redevelopment site whenever the owner chooses. Adjacent vacant lots, not included, open an assemblage conversation for a developer.
| Unit | Type | In place / mo | Market / mo | Status |
|---|---|---|---|---|
| Apt 1 | 2 / 1 | $2,250 | $2,500 | Leased · below market |
| Apt 2 | 2 / 1 | $2,000 | $2,500 | Leased · below market |
| Apt 3 | 2 / 1 | $2,500 | $2,500 | Leased · at market |
| Apt 4 | 2 / 1 | Vacant | $2,500 | Available now |
| Apt 5 | 2 / 1 | $2,500 | $2,500 | Leased · at market |
| Apt 6 | 2 / 1 | $2,000 | $2,500 | Leased · below market |
| Monthly total | $11,250 | $15,000 | ||
| Annual total | $135,000 | $180,000 |
Stabilized income with Unit 4 leased at $2,500 and the other five units unchanged: $13,750 a month, $165,000 a year. Market rent for an unrenovated 2 bed / 1 bath in ZIP 33128 is $2,400 to $2,600 a month per the listing broker's survey; $2,500 is used throughout.
| Line item | Monthly | Annual |
|---|---|---|
| Property taxes | $2,157 | $25,885 |
| Water and sewer | $551 | $6,612 |
| Garbage collection | $490 | $5,880 |
| Landscaping and tree trimming | $150 | $1,800 |
| Electric, common areas | $95 | $1,140 |
| Internet and security cameras | $40 | $480 |
| Total operating expenses | $3,483 | $41,797 |
| Net operating income · stabilized | $10,267 | $123,203 |
Source: seller expense statement dated March 27, 2026. Tenants pay their own electric on individual meters. Insurance, management and reserves are not included above; buyer to underwrite.
| Metric | In place | Stabilized | Full market |
|---|---|---|---|
| Offering price | $1,999,999 | $1,999,999 | $1,999,999 |
| Price per unit | $333,333 | $333,333 | $333,333 |
| Price per SF of lot | $267 | $267 | $267 |
| Gross scheduled income | $135,000 | $165,000 | $180,000 |
| Operating expenses | $41,797 | $41,797 | $41,797 |
| Net operating income | $93,203 | $123,203 | $138,203 |
| Cap rate | 4.66% | 6.16% | 6.91% |
| Gross rent multiplier | 14.8x | 12.1x | 11.1x |
| Expense ratio | 31.0% | 25.3% | 23.2% |
| Monthly NOI | $7,767 | $10,267 | $11,517 |
| Scenario | Gross income | Expenses | NOI | Cap rate | Value at 6% cap |
|---|---|---|---|---|---|
| In place today · 5 of 6 leased | $135,000 | $41,797 | $93,203 | 4.66% | $1,553,383 |
| Unit 4 leased at $2,500 | $165,000 | $41,797 | $123,203 | 6.16% | $2,053,383 |
| All six units at $2,500 | $180,000 | $41,797 | $138,203 | 6.91% | $2,303,383 |
| Plus utility bill-back (RUBS) | $180,000 | $29,305 | $150,695 | 7.53% | $2,511,583 |
| Plus light renovation · all six at $2,700 | $194,400 | $29,305 | $165,095 | 8.25% | $2,751,583 |
Values at a 6% cap are shown for reference only. Renovation rents and costs are broker estimates for ZIP 33128 and are not guaranteed.
Vacant and ready. At $2,500 a month the building reaches stabilized income without waiting for a single lease to expire.
Three units between $250 and $500 below the $2,500 market rent. Natural rollover closes the gap with no renovation.
Water, sewer and garbage are owner paid today at $12,492 a year. A ratio utility billing system recovers most of it without touching base rents.
Six identical floor plans mean one scope, one contractor, one price. Renovated 2/1 product in the area leases at $2,700 to $2,900. Budget $8,000 to $12,000 per unit.
The property sits where Little Havana meets the Brickell and Downtown corridor. Tenants walk to the river, ride Metrorail from Brickell station and reach Brickell City Centre in ten minutes on foot. Owners hold land in Miami's most actively densifying transect.
