Turnkey Renovated Triplex
For Sale
$1,350,000
1975 NW 24th Ct, Miami, FL 33125
Fully renovated legal triplex with three leased units, each with private entrance and separate utility meters.
Property Size3,163 SF
Price / SF$426.81
Days on Market173
Property Features for 1975 NW 24th Ct
General Information
Standard status
Active
Size
3,163 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,209
Amenities
central A/C
washer/dryer
impact windows and doors
private entrance
lawn maintenance
Building Details
Building Size
3,163 SF
Year Built
1948
Tenancy
Multi
Listing Agency:
Barnes International Realty, LLC
Listed By:
Yann Rousseau · License #3281546
(954) 278-0515
Source:
Allyandaj
Added: Mar 20
Changed: Sep 8
Last Checked: Sep 8 at 12:18PM
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 offers a turnkey setup with three units presented as part of two separate structures. Upgrades include modern flooring, updated kitchens and bathrooms, stainless steel appliances, impact windows and doors, and washer-dryers and central A/C systems in all units. Each unit also has its own private entrance and separate utility meters to support efficient management.
The property is described as being in the heart of Allapattah, close to the Miami River, and within minutes of Wynwood, Downtown, and Brickell. The owner provides lawn maintenance only. The units are currently leased to long-term tenants with active leases and security deposits in place.
The property is described as being in the heart of Allapattah, close to the Miami River, and within minutes of Wynwood, Downtown, and Brickell. The owner provides lawn maintenance only. The units are currently leased to long-term tenants with active leases and security deposits in place.
Key Highlights
- Fully renovated legal triplex built in 1948 with three leased units
- Two separate structures; each unit has its own private entrance
- Separate utility meters for each unit to streamline management
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
$63,436
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
4.70%
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%
$1,268,720
$1.3M
Cap Rate 7%
$906,229
$906.2K
Cap Rate 9%
$704,844
$704.8K
Market Conditions
NOI Build-Up for 3,163 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
$96.8K $30.60/SF
− Vacancy
−$6.2K −$1.95/SF
EGI
$90.6K $28.65/SF
− OpEx
−$27.2K −$8.60/SF
NOI
$63.4K $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%
$1,268,720
Cap Rate 7%
$906,229
Cap Rate 9%
$704,844
Alternative Uses
Best Use
Multifamily LT 5
$906.2K
$793.0K – $1.06M
NOI $63,436 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$834.7K
$730.4K – $973.9K
NOI $58,431 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$2.14M
$1.87M – $2.49M
NOI $149,453 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,465
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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 - Fully renovated legal triplex with three leased units, each with private entrance and separate utility meters.
Where is this triplex located?
The property is located at 1975 NW 24th Ct Miami, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Fully renovated legal triplex built in 1948 with three leased units; Two separate structures; each unit has its own private entrance; Separate utility meters for each unit to streamline management
