Updated Triplex with Private
For Sale
$999,000
2275 SW 15th St, Miami, FL 33145
Residential Income, Miami, FL
Property Size2,511 SF
Price / SF$397.85
Days on Market42
Property Features for 2275 SW 15th St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
5700
Parking
6
Subdivision
GRAPELAND
Lot features
< 1/4 Acre
Standard status
Active
APN
01-41-10-002-0180
Size
2,511 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
GRAPELAND SUB REV PB 3-196 LOT 19 LESS S5FT BLK 1 LOT SIZE 50.000 X 147
Tax Annual Amount
15488
Legal Description
GRAPELAND SUB REV PB 3-196 LOT 19 LESS S5FT BLK 1 LOT SIZE 50.000 X 147
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1973
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Brick, Block
Roof type
Shingle
Listing Agency:
Julies Realty, LLC
(305) 751-6400
Listed By:
Kendall Stephens · License #3619179
(561) 758-8265
Added: Jul 18
Changed: Aug 21
Last Checked: Aug 28 at 4:06PM
MLS# A12020709
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,511-square-foot triplex, built in 1973, contains three independent residences with private entrances, full kitchens, and separate living spaces. The unit mix includes a 2-bedroom/2-bath residence, a 2-bedroom/1-bath residence, and a 1-bedroom/1-bath residence, totaling 5 bedrooms and 4 full bathrooms. Six parking spaces are provided, with two assigned to each unit.
Two residences have tenants and leases in place, while the third is available for immediate lease-up or owner occupancy. Recent improvements include HVAC ductwork, exterior paint, updated appliances, and modern interior finishes. The property is served by public sewer, central heating and cooling, ceramic tile flooring, and a shingle roof. Current zoning is T3-O. The property is located in Miami, approximately 10 minutes from Brickell, Coral Gables, and Coconut Grove.
Two residences have tenants and leases in place, while the third is available for immediate lease-up or owner occupancy. Recent improvements include HVAC ductwork, exterior paint, updated appliances, and modern interior finishes. The property is served by public sewer, central heating and cooling, ceramic tile flooring, and a shingle roof. Current zoning is T3-O. The property is located in Miami, approximately 10 minutes from Brickell, Coral Gables, and Coconut Grove.
Key Highlights
- 2,511 SF triplex with three independent units
- Unit mix: 2/2 + 2/1 + 1/1, totaling 5 bedrooms and 4 full bathrooms
- Six parking spaces, with 2 assigned to each unit
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
Lease Details
3
Residential units
Multi-tenant
Tenancy
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 - Three self-contained residences offer separate kitchens, living areas, and access points within a multifamily property.
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: 2,511 SF triplex with three independent units; Unit mix: 2/2 + 2/1 + 1/1, totaling 5 bedrooms and 4 full bathrooms; Six parking spaces, with 2 assigned to each unit
