Shenandoah Triplex Investment
For Sale
$780,000
2385 SW 17th St, Miami, FL 33145
Triplex in Miami's Shenandoah neighborhood with income and appreciation potential.
Property Size2,306 SF
Days on Market160
Property Features for 2385 SW 17th St
General Information
Standard status
Active
Size
2,306 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,281
Building Details
Building Size
2,306 SF
Year Built
1930
Stories
2
Units
3
Listing Agency:
Compass Florida LLC
(786) 505-0565
Listed By:
Alexandra Zeidan · License #3290089
(786) 505-0565
Source:
Elliman
Added: Mar 12
Changed: Aug 13
Last Checked: Aug 18 at 9:59AM
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 Compass Florida LLC
Investment Insights
Based on property information with market context.
Located in the Shenandoah neighborhood, this triplex presents an investment opportunity. The property includes a main structure containing two 2-bed, 2-bath units. One unit has been renovated and is currently rented annually for $2350 per month. The second unit is awaiting remodeling. Additionally, there is a detached 1-bed cottage, currently rented annually for $1500 per month. The property's roof is less than 5 years old. The buyer will assume responsibility for curing a city violation, with plans for the cure to be provided. The property is situated minutes from Brickell, Coral Gables, Coconut Grove, and Downtown Miami. The projected gross income is $7,000+ per month.
Key Highlights
- Prime location in Shenandoah, minutes from Brickell, Coral Gables, Coconut Grove, and Downtown Miami.
- Exceptional income potential with $7,000+/month projected gross income.
- Two 2 bed/2 bath units in main structure, one recently renovated and rented for $2350/month.
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
$46,248
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
5.93%
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%
$924,960
$925.0K
Cap Rate 7%
$660,686
$660.7K
Cap Rate 9%
$513,867
$513.9K
Market Conditions
NOI Build-Up for 2,306 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
$70.6K $30.60/SF
− Vacancy
−$4.5K −$1.95/SF
EGI
$66.1K $28.65/SF
− OpEx
−$19.8K −$8.60/SF
NOI
$46.2K $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%
$924,960
Cap Rate 7%
$660,686
Cap Rate 9%
$513,867
Alternative Uses
Best Use
Multifamily LT 5
$660.7K
$578.1K – $770.8K
NOI $46,248 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$608.6K
$532.5K – $710.0K
NOI $42,600 @ 7.0% cap · market cap 5.46%
Theoretical Best
Specialty Retail
$1.56M
$1.36M – $1.82M
NOI $108,960 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,415
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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 in Miami's Shenandoah neighborhood with income and appreciation potential.
Where is this triplex located?
The property is located at 2385 SW 17th St Miami, FL.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Prime location in Shenandoah, minutes from Brickell, Coral Gables, Coconut Grove, and Downtown Miami.; Exceptional income potential with $7,000+/month projected gross income.; Two 2 bed/2 bath units in main structure, one recently renovated and rented for $2350/month.
