Renovated Duplex with Private
New
For Sale
$1,100,000
221231-221 Sw 78th Place, Miami, FL 33144
Two updated units offer separate electrical metering and individual outdoor areas in a fully leased residential property.
Property Size2,240 SF
Price / SF$491.07
Days on Market7
Property Features for 221231-221 Sw 78th Place
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,448
Building Details
Year Built
2002
Buildings
1
Listing Agency:
Beautiful Homes Realty Inc
(561) 212-7942
Listed By:
Shakie J Iskandarian · License #3182857
(561) 212-7942
Source:
Exprealty
Added: Aug 13
Changed: Aug 18
Last Checked: Aug 19 at 11:30AM
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.
This 2,240-square-foot duplex, built in 2002, contains two renovated three-bedroom, two-bath residences arranged across separate levels. One unit is positioned upstairs and the other downstairs, with each residence offering its own private backyard or side-yard area. Separate electric meters serve the units, and both are currently leased.
The property is located at 221231-221 SW 78th Place in Miami, near Miami International Airport and the Palmetto Expressway. Its two-unit configuration, updated interiors, individual outdoor spaces, and separately metered utilities provide a clearly defined residential income property format.
The property is located at 221231-221 SW 78th Place in Miami, near Miami International Airport and the Palmetto Expressway. Its two-unit configuration, updated interiors, individual outdoor spaces, and separately metered utilities provide a clearly defined residential income property format.
Key Highlights
- 2,240 SF duplex built in 2002
- Two renovated 3‑bedroom, 2‑bath units
- 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
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
182
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 updated units offer separate electrical metering and individual outdoor areas in a fully leased residential property.
Where is this duplex located?
The property is located at 221231-221 Sw 78th Place 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: 2,240 SF duplex built in 2002; Two renovated 3‑bedroom, 2‑bath units; One residence upstairs and one downstairs
