Three-Unit Triplex
For Sale
$870,000
2215 NW 33rd Street, Miami, FL 33142
The residential property offers multiple units within a 2,399-square-foot building near Coconut Grove, Brickell, and Downtown Miami.
Property Size2,575 SF
Price / SF$362.65
Days on Market8
Property Features for 2215 NW 33rd Street
General Information
Standard status
Active
Size
2,575 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
5700
Building Details
Building Size
2,575 SF
Year Built
1952
Stories
2
Listing Agency:
Withal Realty Corp
(305) 972-1134
Listed By:
Yaleny Rakovsky · License #3164899
(305) 972-1134
Source:
Laerrealty
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 11 at 4:46AM
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 Withal Realty Corp
Investment Insights
Based on property information with market context.
This triplex property contains 2,399 square feet and was built in 1952. The configuration includes three residential units, with the source information identifying multiple apartment layouts but conflicting details regarding the individual bedroom and bathroom counts. The property is classified as a triplex and carries zoning designation 5700.
Located at 2215 NW 33rd Street in Miami, the property is positioned near Coconut Grove, Brickell, and Downtown Miami. Its three-unit configuration supports separate residential occupancy within one building and may suit an owner-occupant or a buyer seeking a multifamily asset.
Located at 2215 NW 33rd Street in Miami, the property is positioned near Coconut Grove, Brickell, and Downtown Miami. Its three-unit configuration supports separate residential occupancy within one building and may suit an owner-occupant or a buyer seeking a multifamily asset.
Key Highlights
- Three‑unit triplex configuration
- 2,399 square feet of building area
- Built in 1952
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
$48,113
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
5.53%
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%
$962,260
$962.3K
Cap Rate 7%
$687,329
$687.3K
Cap Rate 9%
$534,589
$534.6K
Market Conditions
NOI Build-Up for 2,399 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
$73.4K $30.60/SF
− Vacancy
−$4.7K −$1.95/SF
EGI
$68.7K $28.65/SF
− OpEx
−$20.6K −$8.60/SF
NOI
$48.1K $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%
$962,260
Cap Rate 7%
$687,329
Cap Rate 9%
$534,589
Alternative Uses
Best Use
Multifamily LT 5
$687.3K
$601.4K – $801.9K
NOI $48,113 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$633.1K
$554.0K – $738.6K
NOI $44,318 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,354 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,711
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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 - The residential property offers multiple units within a 2,399-square-foot building near Coconut Grove, Brickell, and Downtown Miami.
Where is this triplex located?
The property is located at 2215 NW 33rd Street Miami, FL.
What is the asking price?
The asking price for this property is $870,000.
What are key features of this property?
This property features: Three‑unit triplex configuration; 2,399 square feet of building area; Built in 1952
