Two-Unit Duplex
For Sale
$1,498,000
2278 SW 16th Ave, Miami, FL 33145
A 1936-built duplex offers two matching three-bedroom, two-bath residential layouts near Miami’s established urban districts.
Property Size3,687 SF
Days on Market174
Property Features for 2278 SW 16th Ave
General Information
Standard status
Active
Size
3,687 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$10,000
Building Details
Building Size
3,687 SF
Year Built
1936
Listing Agency:
JFA Realty Co
Listed By:
Nurth Jacobo · License #3153709
Source:
Miamibrokersgroup
Added: Feb 20
Changed: Aug 11
Last Checked: Aug 13 at 11:57AM
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 JFA Realty Co
Investment Insights
Based on property information with market context.
Constructed in 1936, this duplex property contains two residential units, each configured with three bedrooms and two bathrooms. The matching layouts provide a consistent format across both sides of the building and support the property’s use as a two-unit residential asset.
The property is located at 2278 SW 16th Ave in Miami, near The Roads, Brickell, and Downtown Miami. Its urban setting places the duplex within an established Miami residential and employment context, while the address provides convenient access to these named districts.
The property is located at 2278 SW 16th Ave in Miami, near The Roads, Brickell, and Downtown Miami. Its urban setting places the duplex within an established Miami residential and employment context, while the address provides convenient access to these named districts.
Key Highlights
- Two residential units, each with a three‑bedroom, two‑bath layout
- Built in 1936
- Located at 2278 SW 16th Ave in Miami
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
$73,945
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
4.94%
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%
$1,478,900
$1.5M
Cap Rate 7%
$1,056,357
$1.1M
Cap Rate 9%
$821,611
$821.6K
Market Conditions
NOI Build-Up for 3,687 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
$112.8K $30.60/SF
− Vacancy
−$7.2K −$1.95/SF
EGI
$105.6K $28.65/SF
− OpEx
−$31.7K −$8.60/SF
NOI
$73.9K $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%
$1,478,900
Cap Rate 7%
$1,056,357
Cap Rate 9%
$821,611
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$924.3K – $1.23M
NOI $73,945 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$973.0K
$851.4K – $1.14M
NOI $68,111 @ 7.0% cap · market cap 4.55%
Theoretical Best
Specialty Retail
$2.49M
$2.18M – $2.90M
NOI $174,212 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,519
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?
Duplex - A 1936-built duplex offers two matching three-bedroom, two-bath residential layouts near Miami’s established urban districts.
Where is this duplex located?
The property is located at 2278 SW 16th Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,498,000.
What are key features of this property?
This property features: Two residential units, each with a three‑bedroom, two‑bath layout; Built in 1936; Located at 2278 SW 16th Ave in Miami
