Triplex with Three Rental
For Sale
$795,000
Pending
1237 NW 33rd Avenue, Miami, FL 33125
Three 2-bedroom, 1-bath units produce rental income, with a newly installed roof permitted by local requirements.
Property Size2,060 SF
Days on Market64
Property Features for 1237 NW 33rd Avenue
General Information
Standard status
Pending
Size
2,060 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$11,411
Building Details
Building Size
2,060 SF
Year Built
1924
Listing Agency:
Brickellmania, LLC.
Listed By:
Yanai Nassar · License #3061572
(786) 426-9484
Source:
Silverleafrealtygroup
Added: Jul 14
Changed: Sep 14
Last Checked: Sep 14 at 8:58AM
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 Brickellmania, LLC.
Investment Insights
Based on property information with market context.
This income-producing triplex includes three separate units, each offering 2 bedrooms and 1 bathroom. The property is supported by current rental occupancy, with two units rented and one unit rented on a month-to-month basis. A new roof has been installed with permits, providing an important capital item for new ownership.
The property is offered for sale as a residential income investment. Seller has a 4.75% FHA assumable mortgage, and the remark notes this is only applicable for buyers who will occupy one of the units and are purchasing with an FHA loan.
Designed as a small multifamily for straightforward income generation, the building’s three-unit layout offers flexibility for both investors and owner-occupants while maintaining consistent unit bedroom and bathroom configurations across the property.
The property is offered for sale as a residential income investment. Seller has a 4.75% FHA assumable mortgage, and the remark notes this is only applicable for buyers who will occupy one of the units and are purchasing with an FHA loan.
Designed as a small multifamily for straightforward income generation, the building’s three-unit layout offers flexibility for both investors and owner-occupants while maintaining consistent unit bedroom and bathroom configurations across the property.
Key Highlights
- 3‑unit multi‑family built in 1924, with each unit offering 2 bedrooms and 1 bath
- Rental income in place: 2 units rented at $2,100/month
- Third unit is rented month to month at $2,500/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
$41,314
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
5.20%
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%
$826,280
$826.3K
Cap Rate 7%
$590,200
$590.2K
Cap Rate 9%
$459,044
$459.0K
Market Conditions
NOI Build-Up for 2,060 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
$63.0K $30.60/SF
− Vacancy
−$4.0K −$1.95/SF
EGI
$59.0K $28.65/SF
− OpEx
−$17.7K −$8.60/SF
NOI
$41.3K $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%
$826,280
Cap Rate 7%
$590,200
Cap Rate 9%
$459,044
Alternative Uses
Best Use
Multifamily LT 5
$590.2K
$516.4K – $688.6K
NOI $41,314 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$543.6K
$475.7K – $634.3K
NOI $38,055 @ 7.0% cap · market cap 4.79%
Theoretical Best
Specialty Retail
$1.39M
$1.22M – $1.62M
NOI $97,336 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three 2-bedroom, 1-bath units produce rental income, with a newly installed roof permitted by local requirements.
Where is this triplex located?
The property is located at 1237 NW 33rd Avenue Miami, FL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 3‑unit multi‑family built in 1924, with each unit offering 2 bedrooms and 1 bath; Rental income in place: 2 units rented at $2,100/month; Third unit is rented month to month at $2,500/month
