Investment building in Wynwood, Miami — 7,500 sq. ft. lot with $12,400 monthly income
An income‑producing building with eight studio units is for sale in the heart of Wynwood. The 7,500 sq. ft. lot is located at 118 NW 24th St, Miami, FL 33127. All eight units are under long‑term leases, generating a monthly income of $12,400. The T5‑O/NRD‑1 zoning allows for mixed‑use and future development of up to eight stories. Price — $8,000,000.
Location
Wynwood is located just minutes from Midtown, the Design District, and Downtown. The area attracts young professionals and creative workers, with strong rental demand year‑round. The walkability score is 93 out of 100.
About the property
The 7,500 sq. ft. lot features a building with eight fully equipped studio units. All leases are active. The property includes 8 parking spaces with city permits. The roof was replaced in 2016, and a Wi‑Fi network and central laundry are provided for tenants.
In the complex
No information about the complex is provided in the source.
Price and costs
Price — $8,000,000.
When purchasing commercial property in Miami‑Dade County, the buyer pays a documentary stamp tax at a rate of $0.60 per $100 of the purchase price.
Annual expenses: property tax — calculated on the assessed value, for commercial properties in Wynwood approximately 2%. Insurance and building maintenance are also part of the expenses.
Purchase procedure and transaction format
Form of ownership — full freehold ownership. Foreign buyers are eligible to purchase commercial property in Florida. The transaction is closed through a title company and recorded in the county. Online viewings and remote purchase by power of attorney are available. Languages of support — English, Spanish.
If you are considering it as an investment
The property generates stable income. T5‑O/NRD‑1 zoning allows for development of up to eight stories of mixed‑use. Use cases include: maintaining current income, redeveloping into office or residential units, or full redevelopment. Short‑term rental regulations in Miami Beach do not apply to long‑term rentals.
Suitable for
- Investors looking for an income‑producing asset with immediate cash flow and development potential.
- Developers considering the lot for a multi‑story building.
- Buyers who want to enter one of Miami's fastest‑growing markets.
May not be suitable for
- If your budget is limited — the price is $8,000,000.
- If you are looking for residential property.
- If you plan short‑term rentals.
- If you are not prepared for commercial building maintenance costs.
What to know before the transaction
Any changes require approval from the City of Miami. When purchasing, request a financial report on the property and all active lease agreements. In 2026, the Wynwood market continues to grow, with limited inventory available.
How to view and purchase
Let us know when you plan to visit and what your budget is. A Discount House manager will confirm the property's availability, provide a full cost breakdown for the transaction, and suggest alternatives in the same area. Viewings in person or via video. Response within 30 minutes.