Turnkey Three-Unit Multifamily
For Sale
$999,000
2275 Southwest 15th Street, Miami, FL 33145
Three independent units with private entrances and full kitchens, recent HVAC and exterior updates, and T3-O zoning.
Property Size2,511 SF
Price / SF$397.85
Days on Market122
Property Features for 2275 Southwest 15th Street
General Information
Standard status
Active
Size
2,511 SF
Total Parking Spaces
6
Property subtype
Multi-Family Income / Triplex
Zoning
T3-O
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$15,488
Building Details
Year Built
1973
Listing Agency:
ABL Commercial Realty, LLC.
Listed By:
Alberto Barrera · License #3375540
(305) 647-8805
Source:
Compass
Added: May 17
Changed: Sep 2
Last Checked: Sep 14 at 10:51AM
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 ABL Commercial Realty, LLC.
Investment Insights
Based on property information with market context.
This turnkey three-unit multifamily property offers three fully independent units with private entrances, full kitchens, and separate living spaces. The configuration includes one 2-bedroom, 2-bath unit, one 2-bedroom, 1-bath unit, and one 1-bedroom, 1-bath unit. The building was constructed in 1973 and has 5 bedrooms and 4 full bathrooms across the three units. Parking is provided with 6 spots total, with 2 spaces per unit.
Two of the units are currently tenant occupied with leases in place, and the third unit is available for immediate lease-up or owner occupancy. Recent capital improvements include HVAC ductwork, fresh exterior paint, updated appliances, and modern finishes throughout.
The property is zoned T3-O. Buyer should independently verify zoning, permits, legal use, occupancy, and any future intended use.
Two of the units are currently tenant occupied with leases in place, and the third unit is available for immediate lease-up or owner occupancy. Recent capital improvements include HVAC ductwork, fresh exterior paint, updated appliances, and modern finishes throughout.
The property is zoned T3-O. Buyer should independently verify zoning, permits, legal use, occupancy, and any future intended use.
Key Highlights
- Three independent units with private entrances, full kitchens, and separate living spaces
- Two tenant‑occupied units with leases in place; third unit available for immediate lease‑up or owner occupancy
- Recent capital improvements include HVAC ductwork, fresh exterior paint, updated appliances, and modern finishes
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
$50,359
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
5.04%
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%
$1,007,180
$1.0M
Cap Rate 7%
$719,414
$719.4K
Cap Rate 9%
$559,544
$559.5K
Market Conditions
NOI Build-Up for 2,511 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
$76.8K $30.60/SF
− Vacancy
−$4.9K −$1.95/SF
EGI
$71.9K $28.65/SF
− OpEx
−$21.6K −$8.60/SF
NOI
$50.4K $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%
$1,007,180
Cap Rate 7%
$719,414
Cap Rate 9%
$559,544
Alternative Uses
Best Use
Multifamily LT 5
$719.4K
$629.5K – $839.3K
NOI $50,359 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$662.7K
$579.8K – $773.1K
NOI $46,387 @ 7.0% cap · market cap 4.64%
Theoretical Best
Specialty Retail
$1.69M
$1.48M – $1.98M
NOI $118,646 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
7,129
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
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 - Three independent units with private entrances and full kitchens, recent HVAC and exterior updates, and T3-O zoning.
Where is this triplex located?
The property is located at 2275 Southwest 15th Street Miami, FL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Three independent units with private entrances, full kitchens, and separate living spaces; Two tenant‑occupied units with leases in place; third unit available for immediate lease‑up or owner occupancy; Recent capital improvements include HVAC ductwork, fresh exterior paint, updated appliances, and modern finishes
