Current cap rate: 7%. Exceptional 27-unit multifamily property in the heart of Little Havana. Strong and stable income with significant upside potential through rent adjustments or renovations. All units are currently under contract, with most leases recently renewed through May 2027, providing immediate income stability. Units rent quickly with minimal annual turnover, and the majority of tenants are long-term residents. Property features include central A/C, a new elevator, swimming pool, laundry facilities with new machines, impact windows and doors, and ample parking. Prime location just minutes from Brickell, Downtown Miami, and Coral Gables.
North Sewell Park, located between the Miami River and Jackson Memorial Hospital, is a residential and institutional Miami neighborhood with riverfront green space and a campus-driven streetscape. The neighborhood’s character concentrates along NW 17th Avenue near the riverfront park, where joggers, hospital shuttles, and lunchtime foot traffic share the sidewalks. Low-rise apartments and mid-century homes sit beside medical buildings, giving the blocks a practical, lived-in rhythm. Sewell Park’s riverwalk and boat ramps frame daily routines with water views and breezes. The nearby Miami River Greenway and Spring Garden’s historic edges add a quieter, older-Miami texture. Transit links and bike routes keep Downtown and Civic Center close at hand.
Provided by Walk Score and Local Logic
Market insights
2400 NW 16th St Rd · $8,200,000
DAYS ON MARKET
141 days
The average home goes pending in 75 days.
SALE-TO-LIST
94.1%
Most homes are selling 6% below list price.
LIST PRICE
$8,200,000
Median list price in this area is $778,411. (91% lower than this home)
PRICE DROP
1 price drop
15% of homes in this area have had a price drop in the past month.
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Dining
Interior features
Impact glass windows
Laminate flooring
Bedrooms
Nine 1‑bed units
Eighteen 2‑bed units
Bathrooms
1 bath in 1‑bed units
1 bath in 2‑bed units
Kitchen
Each unit includes a range
Each unit includes a refrigerator
Each unit includes a dishwasher
Laundry & utility
On-site laundry facilities
Some units include individual air conditioning units
Flooring
Laminate flooring throughout units
Heating & cooling
Central heating in building
Central air conditioning in building
Units equipped with individual air conditioning units
Exterior features
Balconies on units
Open patios
Fenced areas
In-ground pool
Home design
4-story multifamily building
Corner lot
Parking
Open parking with capacity for 45 vehicles
Security
Fire sprinkler system in units
Construction
Block construction
Built-up roof
Resale property
Utilities
Public sewer
Cable available
HOA & community
Community laundry facilities
Financial info
Total actual rent reported: $695,952 annually
Typical rents: about $1,850 for 1‑bed units and $2,200 for 2‑bed units
Many units currently leased
Other
Rent may include gardener, hot water, pest control, pool maintenance, sewer, trash collection, and water
Electricity and solar
View estimated energy costs and solar savings for this home
The Urban Center Zone consists of higher Density Mixed-Use Building types that accommodate retail and office Uses, rowhouses and apartments. A network of small blocks has Thoroughfares with wide Sidewalks, steady street tree planting and Buildings set close to the Frontages with frequent doors and windows.
Permitted uses
Include but are not limited to:
Housing-Group
Housing-Single unit
Housing-Multiple units
Climate risks
6/10 Flood Factor
Estimated 69-77% chance of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
10/10 Heat Factor
5 days above 104° expected this year, 20 days in 30 years
10/10 Wind Factor
99% chance of strong winds in next 30 years
2/10 Air Factor
1 unhealthy days expected this year, 1 days in 30 years
Provided by First Street
Historical weather
Miami, FL • 33125
Average low and high temperatures (°F)
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81
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78
67
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Feb
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Sun exposure
87/ 100
Very good sunlight
Sunscore
This home receives average direct sun exposure in Miami. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
7.8 hrs
5.6 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 2400 NW 16th St Rd
We cannot show automated home-value estimates for this home.
Nearby homes have recently sold between $335,000 and $379,000.
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $335K to $379K.