Turnkey Fourplex
For Sale
$985,000
11775 SW 223rd St, Miami, FL 33170
Fully renovated fourplex with updated interiors, permitted roof and impact windows, upgraded systems, and separate utilities.
Property Size2,478 SF
Days on Market93
Property Features for 11775 SW 223rd St
General Information
Standard status
Active
Size
2,478 SF
Total Parking Spaces
4
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,328
Building Details
Building Size
2,478 SF
Year Built
1957
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Synergy Realty Advisors
(305) 297-3557
Listed By:
Andros Sarduy · License #3225429
(305) 297-3557
Source:
Elliman
Added: May 10
Changed: Aug 7
Last Checked: Aug 10 at 5:03AM
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 Synergy Realty Advisors
Investment Insights
Based on property information with market context.
This fully renovated fourplex offers a turnkey setup with major capital improvements already completed throughout the building and all units. Interiors have been updated with tile flooring, brand-new kitchens featuring stainless steel appliances, and fully renovated bathrooms. Washer units are included in each unit for added convenience. Significant system upgrades include new electrical and plumbing, along with a permitted new roof and permitted impact windows.
The property provides 4 parking spaces and has separate meters for water and electricity per unit, helping simplify utility allocation. Overall, the updates are designed to reduce near-term maintenance and support long-term reliability.
Each unit is configured with its own dedicated utility metering, and the refreshed finishes and in-unit laundry add practical day-to-day functionality for residents.
The property provides 4 parking spaces and has separate meters for water and electricity per unit, helping simplify utility allocation. Overall, the updates are designed to reduce near-term maintenance and support long-term reliability.
Each unit is configured with its own dedicated utility metering, and the refreshed finishes and in-unit laundry add practical day-to-day functionality for residents.
Key Highlights
- Fully renovated 4‑plex (4 units), with all units updated with tile flooring throughout
- Permitted new roof and permitted impact windows
- Major systems upgraded, including new electrical and plumbing
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
$49,698
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
5.05%
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%
$993,960
$994.0K
Cap Rate 7%
$709,971
$710.0K
Cap Rate 9%
$552,200
$552.2K
Market Conditions
NOI Build-Up for 2,478 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
$75.8K $30.60/SF
− Vacancy
−$4.8K −$1.95/SF
EGI
$71.0K $28.65/SF
− OpEx
−$21.3K −$8.60/SF
NOI
$49.7K $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%
$993,960
Cap Rate 7%
$709,971
Cap Rate 9%
$552,200
Alternative Uses
Best Use
Multifamily LT 5
$710.0K
$621.2K – $828.3K
NOI $49,698 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$654.0K
$572.2K – $763.0K
NOI $45,777 @ 7.0% cap · market cap 4.65%
Theoretical Best
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $117,087 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 33170, FL
14,908
Population
4,839
Households
3.1
Avg Household Size
37
Median Age
22%
College-Educated
79%
High-School Grad
12.4 sq mi
ZIP Area
1,202
Density / Sq Mi
$68,953
Median Household Income
$40,052
Median Earnings
$1,511
Median Rent
$426,200
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?
Quadplex - Fully renovated fourplex with updated interiors, permitted roof and impact windows, upgraded systems, and separate utilities.
Where is this quadplex located?
The property is located at 11775 SW 223rd St Miami, FL.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Fully renovated 4‑plex (4 units), with all units updated with tile flooring throughout; Permitted new roof and permitted impact windows; Major systems upgraded, including new electrical and plumbing
