Miami Triplex Income
For Sale
$999,000
2275 SW 15th St, Miami, FL 33145
Income-producing triplex in Miami, near Brickell, Coral Gables, Coconut Grove.
Property Size2,511 SF
Price / SF$397.85
Days on Market106
Property Features for 2275 SW 15th St
General Information
Standard status
Active
Size
2,511 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$15,488
Building Details
Building Size
2,511 SF
Year Built
1973
Listing Agency:
Julies Realty, LLC
(561) 758-8265
Listed By:
Kendall Stephens · License #3619179
Source:
Casacollectiongroup
Added: May 17
Changed: Aug 25
Last Checked: Aug 29 at 2:43PM
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 Julies Realty, LLC
Investment Insights
Based on property information with market context.
This income-producing triplex is located in Miami, a 10-minute drive from Brickell, Coral Gables, and Coconut Grove, in a competitive rental market. The property features three independent units: two 2-bedroom, 2-bathroom units, one 2-bedroom, 1-bathroom unit, and one 1-bedroom, 1-bathroom unit. Each unit has private entrances, full kitchens, and separate living spaces. There are 6 parking spots, with 2 spots allocated to each unit. Recent capital improvements include HVAC ductwork, fresh exterior paint, updated appliances, and modern finishes. Two units are currently tenant-occupied with leases in place, while the third is available for immediate lease-up or owner occupancy. The property is considered a turnkey asset with no deferred maintenance, offering immediate cash flow with potential upside at full occupancy. The location has a walk score of 90, indicating it is a walker's paradise, a bike score of 59, indicating it is bikeable, and a transit score of 47, indicating some transit options are available. The property is suitable for residential income purposes.
Key Highlights
- Income‑producing triplex in a highly desirable Miami location.
- Three independent units (2/2 + 2/1 + 1/1) each with private entrances and full kitchens.
- Turnkey asset with recent capital improvements including 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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,406
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 - Income-producing triplex in Miami, near Brickell, Coral Gables, Coconut Grove.
Where is this triplex located?
The property is located at 2275 SW 15th St 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: Income‑producing triplex in a highly desirable Miami location.; Three independent units (2/2 + 2/1 + 1/1) each with private entrances and full kitchens.; Turnkey asset with recent capital improvements including HVAC ductwork, fresh exterior paint, updated appliances, and modern finishes.
