Remodeled
New
For Sale
$775,000
1243 Nw 29th Ter, Miami, FL 33142
Three updated two-bedroom residences with renovated building systems, parking, and flexible ownership options.
Property Size1,792 SF
Price / SF$432.48
Days on Market4
Property Features for 1243 Nw 29th Ter
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,225
Listing Agency:
Lifestyle International Realty
(786) 942-7282
Listed By:
Jania Brown
(786) 942-7282
Source:
Exprealty
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 3:30AM
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 Lifestyle International Realty
Investment Insights
Based on property information with market context.
This 1,792-square-foot triplex contains three separate two-bedroom, one-bathroom units. Recent work includes a new roof, impact windows, updated plumbing, upgraded electrical systems, and new air-conditioning units, providing a substantially renovated property with limited remaining capital work identified in the available details.
The property sits on a large lot with ample parking and no HOA or rental restrictions. It is located in Allapattah with access to major highways, Downtown Miami, Wynwood, Miami International Airport, and public transportation.
The three-unit layout supports multifamily ownership, including the option to occupy one residence while leasing the others, as described in the property information.
The property sits on a large lot with ample parking and no HOA or rental restrictions. It is located in Allapattah with access to major highways, Downtown Miami, Wynwood, Miami International Airport, and public transportation.
The three-unit layout supports multifamily ownership, including the option to occupy one residence while leasing the others, as described in the property information.
Key Highlights
- Three‑unit triplex with three 2‑bedroom, 1‑bathroom residences
- 1,792 square feet of property size
- New roof, impact windows, plumbing, electrical systems, and A/C units
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
$35,940
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
4.64%
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%
$718,800
$718.8K
Cap Rate 7%
$513,429
$513.4K
Cap Rate 9%
$399,333
$399.3K
Market Conditions
NOI Build-Up for 1,792 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
$54.8K $30.60/SF
− Vacancy
−$3.5K −$1.95/SF
EGI
$51.3K $28.65/SF
− OpEx
−$15.4K −$8.60/SF
NOI
$35.9K $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%
$718,800
Cap Rate 7%
$513,429
Cap Rate 9%
$399,333
Alternative Uses
Best Use
Multifamily LT 5
$513.4K
$449.3K – $599.0K
NOI $35,940 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$472.9K
$413.8K – $551.7K
NOI $33,104 @ 7.0% cap · market cap 4.27%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,673 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,155
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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 - Three updated two-bedroom residences with renovated building systems, parking, and flexible ownership options.
Where is this triplex located?
The property is located at 1243 Nw 29th Ter Miami, FL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three‑unit triplex with three 2‑bedroom, 1‑bathroom residences; 1,792 square feet of property size; New roof, impact windows, plumbing, electrical systems, and A/C units
