Updated Duplex with Separate
For Sale
$713,000
2135 SW 4th St, Miami, FL 33135
Residential Income, Miami, FL
Property Size1,544 SF
Price / SF$461.79
Days on Market76
Property Features for 2135 SW 4th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
3900
Parking
4
Subdivision
IDLEWILD PARK
Lot features
< 1/4 Acre
Directions
Drive northeast on SW 15th Ave. Left to SW 7th St/US 41. Right to SW 21st Ave. Left to SW 4th St. Property is on the right.
Standard status
Active
APN
01-41-03-014-1860
Size
1,544 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
3 54 41 IDLEWILD PARK PB 2-87 S96FT LOT 2 BLK 44 LOT SIZE 4800 SQUARE FEET OR 20204-4190 02 2002 6 COC 23049-1062 01 2005 1
Tax Annual Amount
10465
Legal Description
3 54 41 IDLEWILD PARK PB 2-87 S96FT LOT 2 BLK 44 LOT SIZE 4800 SQUARE FEET OR 20204-4190 02 2002 6 COC 23049-1062 01 2005 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1924
Floors in Building
1
Flooring type
Vinyl
Building materials
Frame, Stucco
Roof type
Shingle
Listing Agency:
Beycome of Florida LLC
(305) 496-4682
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Added: Jul 18
Changed: Sep 21
Last Checked: Oct 1 at 2:06PM
MLS# A11992478
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 legal duplex contains 1,544 square feet arranged as two residential units, each with two bedrooms and one bathroom. The property was built in 1924 and has been updated, with vinyl flooring, frame and stucco construction, central heating, central air, a shingle roof, and public sewer service. Separate utility metering serves each unit, supporting independent utility administration.
Located at 2135 SW 4th St in Miami, the property also has cable availability. The roof was replaced in 2019, adding a recent major improvement to the building’s physical systems.
Located at 2135 SW 4th St in Miami, the property also has cable availability. The roof was replaced in 2019, adding a recent major improvement to the building’s physical systems.
Key Highlights
- Legal duplex with 2 residential units
- Each unit includes 2 bedrooms and 1 bathroom
- 1,544 square feet of building area
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
$30,966
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
4.34%
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%
$619,320
$619.3K
Cap Rate 7%
$442,371
$442.4K
Cap Rate 9%
$344,067
$344.1K
Market Conditions
NOI Build-Up for 1,544 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
$47.2K $30.60/SF
− Vacancy
−$3.0K −$1.95/SF
EGI
$44.2K $28.65/SF
− OpEx
−$13.3K −$8.60/SF
NOI
$31.0K $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%
$619,320
Cap Rate 7%
$442,371
Cap Rate 9%
$344,067
Alternative Uses
Best Use
Multifamily LT 5
$442.4K
$387.1K – $516.1K
NOI $30,966 @ 7.0% cap · market cap 4.34%
Second Best
Apartment 5plus
$407.5K
$356.5K – $475.4K
NOI $28,523 @ 7.0% cap · market cap 4.00%
Theoretical Best
Specialty Retail
$1.04M
$911.9K – $1.22M
NOI $72,955 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,661
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
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?
Duplex - Updated two-unit property with individually metered utilities, central systems, and a recently replaced roof.
Where is this duplex located?
The property is located at 2135 SW 4th St Miami, FL.
What is the asking price?
The asking price for this property is $713,000.
What are key features of this property?
This property features: Legal duplex with 2 residential units; Each unit includes 2 bedrooms and 1 bathroom; 1,544 square feet of building area
