Renovated Duplex with Separate
For Sale
$1,100,000
221 SW 78TH Place 221/231, Miami, FL 33144
Two renovated residences offer private outdoor areas and individually metered electric service.
Property Size2,240 SF
Days on Market12
Property Features for 221 SW 78TH Place 221/231
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$1,448
Building Details
Building Size
2,240 SF
Year Built
2002
Listing Agency:
Beautiful Homes Realty Inc
(561) 212-7942
Listed By:
Shakie J Iskandarian · License #3182857
(561) 212-7942
Source:
Silverleafrealtygroup
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 23 at 7:57AM
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 Beautiful Homes Realty Inc
Investment Insights
Based on property information with market context.
Built in 2002, this duplex includes two 3-bedroom, 2-bath residences arranged on separate levels, with one unit upstairs and the other downstairs. Both residences have been renovated and feature a private backyard or side-yard area. Separate electric meters serve each unit, and the property is fully rented.
The property is located at 221 SW 78TH Place in Miami, Florida, near Miami International Airport and the Palmetto Expressway. Its vertical two-unit layout combines renovated residential space, individual outdoor areas, separate utility metering, and current occupancy within a single multifamily property.
The property is located at 221 SW 78TH Place in Miami, Florida, near Miami International Airport and the Palmetto Expressway. Its vertical two-unit layout combines renovated residential space, individual outdoor areas, separate utility metering, and current occupancy within a single multifamily property.
Key Highlights
- Two 3‑bedroom, 2‑bath units in a duplex configuration
- Built in 2002 and renovated
- One residence upstairs and one downstairs
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
$44,924
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
4.08%
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%
$898,480
$898.5K
Cap Rate 7%
$641,771
$641.8K
Cap Rate 9%
$499,156
$499.2K
Market Conditions
NOI Build-Up for 2,240 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
$68.5K $30.60/SF
− Vacancy
−$4.4K −$1.95/SF
EGI
$64.2K $28.65/SF
− OpEx
−$19.3K −$8.60/SF
NOI
$44.9K $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%
$898,480
Cap Rate 7%
$641,771
Cap Rate 9%
$499,156
Alternative Uses
Best Use
Multifamily LT 5
$641.8K
$561.6K – $748.7K
NOI $44,924 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$591.1K
$517.3K – $689.7K
NOI $41,380 @ 7.0% cap · market cap 3.76%
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,841 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,598
Businesses Nearby
Explore this area
Business Placement
Demographics for 33144, FL
25,814
Population
9,665
Households
2.7
Avg Household Size
48
Median Age
28%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
8,327
Density / Sq Mi
$59,207
Median Household Income
$35,051
Median Earnings
$1,730
Median Rent
$440,600
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?
Duplex - Two renovated residences offer private outdoor areas and individually metered electric service.
Where is this duplex located?
The property is located at 221 SW 78TH Place 221/231 Miami, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units in a duplex configuration; Built in 2002 and renovated; One residence upstairs and one downstairs
