220 NW 11TH TERRACE

220 NW 11th Terrace is a three-story, twelve-unit apartment building in Overtown, 0.3 miles from the Historic Overtown/Lyric Theatre Metrorail station and 5 minutes by car from Brickell. Eleven units are two bed / one bath and one is a one bed / one bath, on a 7,500 SF lot zoned T6-8-O.
Ten units are leased at an average of $1,600 a month. Units 2 and 3 are vacant, and five of the two-bed units rent at $1,450, against $1,875 already achieved in the building. Leasing the vacant units at $1,950 gives a stabilized NOI of $141,851, a 6.75% yield at the offering price. With renovated units at $2,100 for a two-bed, pro forma NOI reaches $197,951, or 9.43%.
The asking price has been reduced to $2,100,000: $175,000 per unit and $280 per square foot of land. Five recorded sales nearby since 2024 closed at $176,471 to $222,222 per unit.