Updated Triplex with Garden
For Sale
$1,495,000
1337 Southwest 15th Street, Miami, FL 33145
Separate front and rear residences support rental flexibility, multigenerational living, or an owner-occupied arrangement.
Property Size2,736 SF
Lot Size0.17 Acres
Price / SF$546.42
Days on Market158
Property Features for 1337 Southwest 15th Street
General Information
Standard status
Active
Size
2,736 SF
Lot size
0.17 Acres
Property subtype
Multi-Family Income / Triplex
Units
Unit Mix
1 x 3BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,356
Amenities
private garden patio
utility/laundry room
Building Details
Year Built
1926
Buildings
2
Construction
Old Spanish
Listing Agency:
Compass Florida, LLC
(786) 301-5357
Listed By:
Alex Larmier · License #3288721
(786) 301-5357
Source:
Compass
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 12:25PM
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.
This legal triplex contains 2,736 square feet across a 3bd/1ba main residence and a rear duplex with two independent 1bd/1ba apartments. The 1926 property retains original oak hardwood floors and has been updated with impact glass and modern improvements. A private garden patio and utility/laundry room serve the rear units, while three separate electrical meters and one water connection support the configuration.
The property occupies a 7,500-square-foot lot in East Shenandoah and is outside the flood zone, with city sewer service. Its Miami setting places it minutes from Brickell, Coconut Grove, and Wynwood, with Cuban Memorial Blvd nearby and coffee shops within walking distance. Virginia Key beaches are accessible by bicycle.
The property occupies a 7,500-square-foot lot in East Shenandoah and is outside the flood zone, with city sewer service. Its Miami setting places it minutes from Brickell, Coconut Grove, and Wynwood, with Cuban Memorial Blvd nearby and coffee shops within walking distance. Virginia Key beaches are accessible by bicycle.
Key Highlights
- Legal triplex with 2,736 square feet and three separate electrical meters
- 3bd/1ba main house plus two independent 1bd/1ba apartments
- 7,500‑square‑foot lot with private garden patio and utility/laundry room
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
$54,872
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
3.67%
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%
$1,097,440
$1.1M
Cap Rate 7%
$783,886
$783.9K
Cap Rate 9%
$609,689
$609.7K
Market Conditions
NOI Build-Up for 2,736 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
$83.7K $30.60/SF
− Vacancy
−$5.3K −$1.95/SF
EGI
$78.4K $28.65/SF
− OpEx
−$23.5K −$8.60/SF
NOI
$54.9K $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%
$1,097,440
Cap Rate 7%
$783,886
Cap Rate 9%
$609,689
Alternative Uses
Best Use
Multifamily LT 5
$783.9K
$685.9K – $914.5K
NOI $54,872 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$722.0K
$631.8K – $842.4K
NOI $50,543 @ 7.0% cap · market cap 3.38%
Theoretical Best
Specialty Retail
$1.85M
$1.62M – $2.15M
NOI $129,277 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7,855
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 - Separate front and rear residences support rental flexibility, multigenerational living, or an owner-occupied arrangement.
Where is this triplex located?
The property is located at 1337 Southwest 15th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Legal triplex with 2,736 square feet and three separate electrical meters; 3bd/1ba main house plus two independent 1bd/1ba apartments; 7,500‑square‑foot lot with private garden patio and utility/laundry room
