Income-Generating Triplex with Three
For Sale
$1,200,000
10128 W Fern Street, Miami, FL 33157
Triplex features two attached 3-bedroom/2-bath units and a detached 2-bedroom/1-bath unit.
Property Size3,255 SF
Lot Size0.16 Acres
Price / SF$368.66
Days on Market56
Property Features for 10128 W Fern Street
General Information
Standard status
Active
Size
3,255 SF
Lot size
0.16 Acres
Property subtype
Triplex
Occupancy
67%
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Year Built
2024
Tenancy
Multi
Listing Agency:
My Realty Group, LLC.
(786) 847-7421
Listed By:
Karla I Hycert
(305) 778-1619
Source:
Lehmannflorida
Added: Jul 14
Changed: Sep 5
Last Checked: Sep 7 at 7:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of My Realty Group, LLC.
Investment Insights
Based on property information with market context.
This income-producing triplex includes three units in a configuration of two attached residences and one detached unit. Each attached unit offers 3 bedrooms and 2 bathrooms, providing the same layout in a side-by-side arrangement. The detached unit features 2 bedrooms and 1 bathroom.
The property is located at 10128 W Fern St in Miami, Florida. Two of the units are currently tenant-occupied through the Section 8 program, supporting immediate rental income.
Bike Score is listed as 51 (Bikeable), with Walk Score at 72 (Very Walkable) and Transit Score at 33 (Some Transit).
The property is located at 10128 W Fern St in Miami, Florida. Two of the units are currently tenant-occupied through the Section 8 program, supporting immediate rental income.
Bike Score is listed as 51 (Bikeable), with Walk Score at 72 (Very Walkable) and Transit Score at 33 (Some Transit).
Key Highlights
- Newer triplex built in 2024 on a 7,050 sq. ft. lot
- Two attached units offer 3 bedrooms and 2 bathrooms each
- One detached unit offers 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,689
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,373,780
$1.4M
Cap Rate 7%
$981,271
$981.3K
Cap Rate 9%
$763,211
$763.2K
Market Conditions
NOI Build-Up for 3,255 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$103.5K $31.80/SF
− Vacancy
−$5.4K −$1.65/SF
EGI
$98.1K $30.15/SF
− OpEx
−$29.4K −$9.04/SF
NOI
$68.7K $21.10/SF
Area
ZIP 33157
Vacancy
5.20%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,373,780
Cap Rate 7%
$981,271
Cap Rate 9%
$763,211
Alternative Uses
Best Use
Multifamily LT 5
$981.3K
$858.6K – $1.14M
NOI $68,689 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$857.2K
$750.0K – $1.00M
NOI $60,002 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.65M
$1.44M – $1.93M
NOI $115,598 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
66.7%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,211
Businesses Nearby
Explore this area
Business Placement
Demographics for 33157, FL
68,069
Population
23,176
Households
2.9
Avg Household Size
42
Median Age
33%
College-Educated
86%
High-School Grad
14.9 sq mi
ZIP Area
4,568
Density / Sq Mi
$80,364
Median Household Income
$38,803
Median Earnings
$1,493
Median Rent
$478,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex features two attached 3-bedroom/2-bath units and a detached 2-bedroom/1-bath unit.
Where is this triplex located?
The property is located at 10128 W Fern Street Miami, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Newer triplex built in 2024 on a 7,050 sq. ft. lot; Two attached units offer 3 bedrooms and 2 bathrooms each; One detached unit offers 2 bedrooms and 1 bathroom
