Renovated Three-Unit Multifamily
New
For Sale
$1,350,000
1975 NW 24th Ct, Miami, FL 33125
Residential Income, Miami, FL
Property Size3,163 SF
Price / SF$426.81
Days on Market2
Property Features for 1975 NW 24th Ct
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
3900
Bedrooms
9
Full bathrooms
5
Rooms
Bathroom 3, Bedroom 9, Bedroom 3, Bedroom 6, Bedroom 4, Bedroom 7, Bedroom 1, Bedroom 8, Bathroom 2, Bathroom 5, Bedroom 2, Bedroom 5, Bathroom 1, Bathroom 4
Parking
3
Subdivision
WM G JUST SUB
Lot features
< 1/4 Acre
Standard status
Active
APN
01-31-34-030-0390
Size
3,163 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WM G JUST SUB PB 8-68 LOT 56 LOT SIZE 50.000 X 168 OR 12503-266 0485 1 ALLAN V JAY JR FLORIDA LUMBER CO OR 12064-384 0284 1
Tax Annual Amount
13209
Legal Description
WM G JUST SUB PB 8-68 LOT 56 LOT SIZE 50.000 X 168 OR 12503-266 0485 1 ALLAN V JAY JR FLORIDA LUMBER CO OR 12064-384 0284 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer
central air conditioning
impact windows and doors
Building Details
Year built
1948
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Listing Agency:
EXP Realty LLC
(305) 361-2233
Listed By:
Yann Rousseau · License #3281546
(954) 278-0515
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 6:06AM
MLS# A11986530
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,163-square-foot triplex includes three residences arranged within two separate structures. The property was renovated with ceramic tile flooring, updated kitchens and bathrooms, stainless steel appliances, impact windows and doors, in-unit washer-dryers, and central air conditioning. Each residence has its own entrance and separately metered utilities. Block construction, a shingle roof, public water, and public sewer complete the core improvements.
All three units are leased to long-term tenants with active leases and security deposits in place. The property is legally recognized as a triplex and has current city recertifications. Landlord responsibilities are limited to lawn maintenance. The property is located in Allapattah near the Miami River and within minutes of Wynwood, Downtown, and Brickell.
All three units are leased to long-term tenants with active leases and security deposits in place. The property is legally recognized as a triplex and has current city recertifications. Landlord responsibilities are limited to lawn maintenance. The property is located in Allapattah near the Miami River and within minutes of Wynwood, Downtown, and Brickell.
Key Highlights
- 3,163‑square‑foot triplex with three residential units
- Two separate structures, with private entrances for all three units
- Separate utility meters assigned to each residence
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
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 leased residences across two structures, each with a private entrance and separate utility meter.
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: 3,163‑square‑foot triplex with three residential units; Two separate structures, with private entrances for all three units; Separate utility meters assigned to each residence
