Renovated Legal
1975 Northwest 24th Court Miami, FL 33125
For Sale
$1,495,000
Fully renovated legal triplex with three leased units, private entrances, and separate utility meters.
Property Size3,163 SF
Price / SF$472.65
Days on Market127
Property Features for 1975 Northwest 24th Court
General Information
- Standard status
- Active
- Size
- 3,163 SF
- Property subtype
- Multi-Family Income / Triplex
Building Details
- Year Built
- 1948
Listing Agency:
Barnes International Realty, LLC
(305) 361-2233
Listed By:
Yann Rousseau · License #3281546
(305) 361-2233
Source:
Compass
Added: Mar 20
Changed: Jul 21
Last Checked: Jul 23 at 7:40AM
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 Barnes International Realty, LLC
Investment Insights
Based on property information with market context.
This fully renovated, legal triplex includes three units across two separate structures. Each unit has a private entrance and separate utility meters. Interior upgrades include modern flooring, updated kitchens and bathrooms, stainless steel appliances, impact windows and doors, in-unit washer-dryers, and central A/C systems in all units.
The property is leased to long-term tenants with active leases and security deposits in place. Landlord provides lawn maintenance only. The offering is described as being in the heart of Allapattah, near the Miami River and minutes from Wynwood, Downtown, and Brickell.
The property is leased to long-term tenants with active leases and security deposits in place. Landlord provides lawn maintenance only. The offering is described as being in the heart of Allapattah, near the Miami River and minutes from Wynwood, Downtown, and Brickell.
Key Highlights
- Fully renovated legal triplex built in 1948 with 3 leased units
- Two separate structures; each unit has its own private entrance
- Separate utility meters for each unit for streamlined management and efficient operations
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $96.8k | $30.60 |
| − Vacancy | −$6.2k | −$1.95 |
| EGI | $90.6k | $28.65 |
| − OpEx | −$27.2k | −$8.60 |
| NOI | $63.4k | $20.06 |
3,163 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$906.2K
$793.0K – $1.06M
NOI $63,436 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$834.7K
$730.4K – $973.9K
NOI $58,431 @ 7.0% cap · market cap 3.91%
Theoretical Best
Specialty Retail
$2.14M
$1.87M – $2.49M
NOI $149,453 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Fully renovated legal triplex with three leased units, private entrances, and separate utility meters.
Where is this triplex located?
The property is located at 1975 Northwest 24th Court 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: Fully renovated legal triplex built in 1948 with 3 leased units; Two separate structures; each unit has its own private entrance; Separate utility meters for each unit for streamlined management and efficient operations
