Renovated Triplex with
For Sale
$1,645,000
1845 Southwest 9th Street, Miami, FL 33135
Legal three-unit property with furnished interiors, private outdoor amenities, and flexible guest accommodations near Calle Ocho.
Property Size2,457 SF
Lot Size0.14 Acres
Price / SF$669.52
Days on Market227
Property Features for 1845 Southwest 9th Street
General Information
Standard status
Active
Size
2,457 SF
Total Parking Spaces
2
Lot size
0.14 Acres
Property subtype
Multi-Family Income / Triplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 4BR/2BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$13,384
Amenities
private fenced yard
pool
hot tub
in-unit washer and dryer
high-speed Wi-Fi
game room
Building Details
Year Built
1935
Listing Agency:
Emerald Realty True Partners
(941) 740-5411
Listed By:
Senia Mcintyre · License #3391847
(941) 740-5411
Source:
Compass
Added: Jan 15
Changed: Aug 30
Last Checked: Aug 30 at 5:40AM
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 Emerald Realty True Partners
Investment Insights
Based on property information with market context.
Renovated legal triplex with 2,457 square feet across three units and a detached rear structure. The ground-floor main residence includes one bedroom, one bathroom, a full kitchen, and living space. The upper unit offers four bedrooms, two bathrooms, and a lounge area, while the rear unit contains two bedrooms, one bathroom, and a game room. Combined sleeping capacity exceeds 16 guests. The property is furnished and includes furniture, fixtures, equipment, operational assets, in-unit laundry, and high-speed Wi-Fi.
Outdoor improvements include a private fenced yard, pool, hot tub, and parking for two vehicles, with additional street parking. The 50-by-118-foot lot is in Flood Zone X and has no HOA. Built in 1935, the property is one block from Calle Ocho and minutes from Miami International Airport, Brickell, Downtown Miami, and Miami Beach.
Outdoor improvements include a private fenced yard, pool, hot tub, and parking for two vehicles, with additional street parking. The 50-by-118-foot lot is in Flood Zone X and has no HOA. Built in 1935, the property is one block from Calle Ocho and minutes from Miami International Airport, Brickell, Downtown Miami, and Miami Beach.
Key Highlights
- Legal 3‑unit property with 2,457 square feet
- Unit mix includes 1BR/1BA, 4BR/2BA, and 2BR/1BA layouts
- 50x118 lot in Flood Zone X with no HOA
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
$49,276
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
3.00%
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%
$985,520
$985.5K
Cap Rate 7%
$703,943
$703.9K
Cap Rate 9%
$547,511
$547.5K
Market Conditions
NOI Build-Up for 2,457 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
$75.2K $30.60/SF
− Vacancy
−$4.8K −$1.95/SF
EGI
$70.4K $28.65/SF
− OpEx
−$21.1K −$8.60/SF
NOI
$49.3K $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%
$985,520
Cap Rate 7%
$703,943
Cap Rate 9%
$547,511
Alternative Uses
Best Use
Multifamily LT 5
$703.9K
$616.0K – $821.3K
NOI $49,276 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$648.4K
$567.4K – $756.5K
NOI $45,389 @ 7.0% cap · market cap 2.76%
Theoretical Best
Specialty Retail
$1.66M
$1.45M – $1.93M
NOI $116,094 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,180
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Legal three-unit property with furnished interiors, private outdoor amenities, and flexible guest accommodations near Calle Ocho.
Where is this triplex located?
The property is located at 1845 Southwest 9th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,645,000.
What are key features of this property?
This property features: Legal 3‑unit property with 2,457 square feet; Unit mix includes 1BR/1BA, 4BR/2BA, and 2BR/1BA layouts; 50x118 lot in Flood Zone X with no HOA
