220 NW 11TH TERRACE

The Porosoff Group at Compass Commercial is pleased to present for sale 220 NW 11th Terrace, a 12-unit multifamily property located in the Overtown neighborhood of Miami, Florida. The property consists of eleven two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit across approximately 6,234 square feet of rentable area on a 7,500 square foot lot zoned T6-8-O, permitting up to 8 stories of development.
Built in 1960, the property is situated in one of Miami’s most rapidly evolving corridors, steps from the Culmer Metrorail station (0.3 miles), Brightline’s MiamiCentral hub (0.8 miles), Jackson Health System (1.4 miles), and Miami Dade College’s Wolfson campus (0.9 miles). The Walk Score of 88 out of 100 reflects the location’s exceptional walkability and access to transit, employment, education, and urban amenities.
The property is currently 83.3% occupied with in-place rents averaging $1,600 per month. Top-of-market units in the building are currently achieving $1,950 per month with no renovations — this is the stabilized rent level achievable through natural lease turnover alone. Five units remain at $1,450 per month, well below the proven $1,950 market rate for comparable two-bedroom units in the building and immediate submarket. A stabilized underwriting at stabilized rents projects a Net Operating Income of $147,139 per year.
Beyond stabilization, a pro forma rent of $2,150 per month is achievable with more extensive unit renovations — updated kitchens, bathrooms, and finishes consistent with newer product in the submarket. Units 2 and 3 are currently vacant, presenting immediate lease-up opportunities. No capital renovation is required to achieve stabilized rents of $1,950; the renovation upside to $2,150 represents additional optionality for the buyer.
The property’s T6-8-O zoning supports future redevelopment at up to 8 stories, providing optionality for long-term investors seeking density in Miami’s urban core. The generous lot size of 7,500 square feet on a corner parcel further enhances the redevelopment potential of this site. Overtown continues to benefit from significant public and private investment, including Atlantic Square (616 units, delivering September 2025), Culmer Place (239 affordable units, delivering January 2026), and major infrastructure improvements along the transit corridor. These catalysts, combined with proximity to institutional demand drivers and a price well below replacement cost at $195,833 per unit versus $300,000+ for new construction, position this asset for sustained rental demand and long-term value appreciation.