2239 NW 87th Street

Property Description

MSP Group, LLC is pleased to exclusively offer for sale 2239 NW 87th Street, an income-producing 8-unit multifamily property ideally located in northern Miami, Florida. The property offers strong in-place cash flow with an approximate 7% capitalization rate, providing investors with an attractive combination of current income, stable rental demand, and long-term value potential. The property consists of a two-story, 7-unit building originally constructed in 1956, along with a separate standalone 1-bedroom/1-bathroom home originally constructed in 1930 that was essentially rebuilt in 2025. The 2025 improvements included new plumbing, electrical, windows, doors, roof trusses, and roofing, significantly enhancing the condition and appeal of the residence. The eight units are situated on approximately 0.23 acres. Two other significant advantages are lower property tax millage rate being located in unincorporated Miami-Dade and the property’s low utility expense structure. The property is serviced by a newly installed septic tank and drain field system, substantially reducing the landlord’s ongoing sewer expenses and helping support the property’s strong in-place cash flow. All eight units feature spacious 1-bedroom/1-bathroom floor plans, with 6 of the 8 units currently occupied by Section 8 tenants, providing strong rental rates and a reliable source of income. The property is fully gated and offers abundant on-site parking, providing added convenience for residents while enhancing the overall appeal of the asset. The combination of strong in-place cash flow, an approximate 7% Plus Cap Rate, predominantly Section 8 tenancy, significant recent capital improvements, a new septic and drain field system, gated access, and abundant on-site parking makes 2239 NW 87th Street an attractive opportunity for an investor seeking an established multifamily asset with immediate income and long-term value potential. Located just west of 22nd Avenue, the subject property allows tenants to access major South Florida. At 2.2 miles away from the property, I-95, a major national and statewide highway, is easily accessible from 2239 NW 87th Street through NW 79th Street. Additional transportation needs can be fulfilled with the Tri-Rail/Metrorail Transfer Station (2.2 miles away), which grants access to both Miami’s Metrorail and the West Palm Beach-Miami offerings of the Tri-Rail system. The central location of the property allows for many needs of tenants to be immediately met, including employment, dining, schooling, and entertainment. At just 0.9 miles from the subject, the Northside Shopping Center is headlined by a Florida Department of Motor Vehicles location as well as a Walgreens and a South Florida staple, Presidente Supermarket. Other brands on-site include Citi Bank, McDonald’s, and Dollar Tree. Practically across the street from Northside Shopping Center is a Walmart-anchored shopping center with a 7-Eleven, Dunkin Donuts, and a Ross Dress for Less.