Updated Triplex With Unit
For Sale
$1,499,999
1631 SW 21st St, Miami, FL 33145
Three-unit income property with renovated interiors, modernized systems, and an in-unit laundry connection for the one-bedroom apartment.
Property Size2,355 SF
Price / SF$636.94
Days on Market184
Property Features for 1631 SW 21st St
General Information
Standard status
Active
Size
2,355 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$17,244
Building Details
Building Size
2,355 SF
Year Built
1940
Tenancy
Multi
Listing Agency:
Coldwell Banker Home Lovers Realty
Listed By:
Forrest Lens · License #3598239
Source:
Casacollectiongroup
Added: Feb 10
Changed: Aug 11
Last Checked: Aug 12 at 3:09PM
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 Coldwell Banker Home Lovers Realty
Investment Insights
Based on property information with market context.
This 2355 SF triplex, built in 1940, contains a three-bedroom, two-bath main residence, a one-bedroom, one-bath apartment, and a studio. The property has undergone substantial updates, including new kitchen appliances in the main residence and one-bedroom unit, which also has an indoor washer/dryer connection. New air-conditioning ducts and vents were installed in 2023, followed by attic insulation in 2024.
Roof replacements include the main house in Nov 2021 and the apartment and studio in Oct 2023. The property is located at 1631 SW 21st St in Miami, near Coral Way and within reach of Coral Gables, Brickell, Coconut Grove, and The Underline. Its three-unit configuration supports both investment and owner-occupant use.
Roof replacements include the main house in Nov 2021 and the apartment and studio in Oct 2023. The property is located at 1631 SW 21st St in Miami, near Coral Way and within reach of Coral Gables, Brickell, Coconut Grove, and The Underline. Its three-unit configuration supports both investment and owner-occupant use.
Key Highlights
- 2355 SF triplex with a 3 bed/2 bath main house, 1 bed/1 bath apartment, and studio
- New roof on main house completed Nov 2021
- New roofs on apartment and studio completed Oct 2023
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
$47,231
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
3.15%
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%
$944,620
$944.6K
Cap Rate 7%
$674,729
$674.7K
Cap Rate 9%
$524,789
$524.8K
Market Conditions
NOI Build-Up for 2,355 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
$72.1K $30.60/SF
− Vacancy
−$4.6K −$1.95/SF
EGI
$67.5K $28.65/SF
− OpEx
−$20.2K −$8.60/SF
NOI
$47.2K $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%
$944,620
Cap Rate 7%
$674,729
Cap Rate 9%
$524,789
Alternative Uses
Best Use
Multifamily LT 5
$674.7K
$590.4K – $787.2K
NOI $47,231 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$621.5K
$543.8K – $725.1K
NOI $43,505 @ 7.0% cap · market cap 2.90%
Theoretical Best
Specialty Retail
$1.59M
$1.39M – $1.85M
NOI $111,275 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,900
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 - Three-unit income property with renovated interiors, modernized systems, and an in-unit laundry connection for the one-bedroom apartment.
Where is this triplex located?
The property is located at 1631 SW 21st St Miami, FL.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: 2355 SF triplex with a 3 bed/2 bath main house, 1 bed/1 bath apartment, and studio; New roof on main house completed Nov 2021; New roofs on apartment and studio completed Oct 2023
