Little Haiti Triplex Investment
For Sale
$583,000
405 NW 64th St, Miami, FL 33150
Triplex in Little Haiti with strong rental income potential.
Property Size1,668 SF
Days on Market157
Property Features for 405 NW 64th St
General Information
Standard status
Active
Size
1,668 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,870
Building Details
Building Size
1,668 SF
Year Built
1941
Stories
1
Listing Agency:
(407) 421-6979
Listed By:
Jose Marrero · License #3245357
(407) 421-6979
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 12 at 1:46PM
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 Jose Marrero
Investment Insights
Based on property information with market context.
This triplex presents an investment opportunity in Little Haiti, a rapidly developing neighborhood of Miami. Located on a quiet street with limited traffic, the property offers both privacy and accessibility to nearby shops, restaurants, Wynwood, Midtown, and the Design District. The property is suitable for investors and end-users seeking long-term value, with options to occupy one unit and lease the remaining two, or to lease all three units. The property is located at 405 NW 64th St, Miami, FL 33150.
Key Highlights
- Strong rental income potential as a triplex.
- Located in the rapidly growing Little Haiti neighborhood.
- Ideal for investors or owner‑occupants.
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
$33,453
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
5.74%
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%
$669,060
$669.1K
Cap Rate 7%
$477,900
$477.9K
Cap Rate 9%
$371,700
$371.7K
Market Conditions
NOI Build-Up for 1,668 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
$51.0K $30.60/SF
− Vacancy
−$3.3K −$1.95/SF
EGI
$47.8K $28.65/SF
− OpEx
−$14.3K −$8.60/SF
NOI
$33.5K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /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%
$669,060
Cap Rate 7%
$477,900
Cap Rate 9%
$371,700
Alternative Uses
Best Use
Multifamily LT 5
$477.9K
$418.2K – $557.6K
NOI $33,453 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$440.2K
$385.2K – $513.6K
NOI $30,814 @ 7.0% cap · market cap 5.29%
Theoretical Best
Specialty Retail
$1.13M
$985.2K – $1.31M
NOI $78,814 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
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 in Little Haiti with strong rental income potential.
Where is this triplex located?
The property is located at 405 NW 64th St Miami, FL.
What is the asking price?
The asking price for this property is $583,000.
What are key features of this property?
This property features: Strong rental income potential as a triplex.; Located in the rapidly growing Little Haiti neighborhood.; Ideal for investors or owner‑occupants.
