Two-Unit Duplex with Separate
For Sale
$1,280,000
2232 SW 13th St, Miami, FL 33145
Both residences have dedicated parking areas, with space for up to four vehicles per unit.
Property Size3,111 SF
Price / SF$411.44
Days on Market14
Property Features for 2232 SW 13th St
General Information
Standard status
Active
Size
3,111 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 3BR/3BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,174
Building Details
Building Size
3,111 SF
Year Built
1937
Listing Agency:
Delphi Investment Realty
Listed By:
Wallys Sueiro · License #3349125
(786) 395-3171
Source:
Batrare
Added: Sep 20
Changed: Sep 29
Last Checked: Oct 3 at 3:28AM
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 Delphi Investment Realty
Investment Insights
Based on property information with market context.
This 3,111-square-foot duplex, built in 1937, contains two residences with distinct layouts. The larger unit has three bedrooms and three bathrooms, including an en-suite bath and walk-in closet in each bedroom, plus a large kitchen, side patio, separate laundry room, and storage. The second residence offers two bedrooms, one bathroom, a kitchen, patio, and washer and dryer.
Each unit has its own main entrance oriented toward a different street and a dedicated parking area with capacity for up to four vehicles. Both residences are currently rented. The property is in a non-flood zone and has no association.
Each unit has its own main entrance oriented toward a different street and a dedicated parking area with capacity for up to four vehicles. Both residences are currently rented. The property is in a non-flood zone and has no association.
Key Highlights
- 3,111‑square‑foot duplex built in 1937
- Two units: one with 3 bedrooms and 3 bathrooms; the other with 2 bedrooms and 1 bathroom
- Separate main entrances face different streets
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
$62,393
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
4.87%
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%
$1,247,860
$1.2M
Cap Rate 7%
$891,329
$891.3K
Cap Rate 9%
$693,256
$693.3K
Market Conditions
NOI Build-Up for 3,111 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
$95.2K $30.60/SF
− Vacancy
−$6.1K −$1.95/SF
EGI
$89.1K $28.65/SF
− OpEx
−$26.7K −$8.60/SF
NOI
$62.4K $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%
$1,247,860
Cap Rate 7%
$891,329
Cap Rate 9%
$693,256
Alternative Uses
Best Use
Multifamily LT 5
$891.3K
$779.9K – $1.04M
NOI $62,393 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$821.0K
$718.4K – $957.9K
NOI $57,471 @ 7.0% cap · market cap 4.49%
Theoretical Best
Specialty Retail
$2.10M
$1.84M – $2.45M
NOI $146,996 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,352
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences have dedicated parking areas, with space for up to four vehicles per unit.
Where is this duplex located?
The property is located at 2232 SW 13th St Miami, FL.
What is the asking price?
The asking price for this property is $1,280,000.
What are key features of this property?
This property features: 3,111‑square‑foot duplex built in 1937; Two units: one with 3 bedrooms and 3 bathrooms; the other with 2 bedrooms and 1 bathroom; Separate main entrances face different streets
