Duplex with Two Separate
For Sale
$549,000
Pending
2341 Southwest 9th Street, Miami, FL 33135
Duplex includes a 3-bedroom, 2-bath main home and a 1-bedroom, 1-bath second structure.
Property Size1,380 SF
Days on Market231
Property Features for 2341 Southwest 9th Street
General Information
Standard status
Pending
Size
1,380 SF
Property subtype
Residential Income / Duplex
Zoning
T4-R
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,283
Building Details
Year Built
1926
Listing Agency:
Keller Williams Elite Properties
Listed By:
Richard Flor · License #3549674
(305) 931-2224
Source:
Compass
Added: Jan 20
Changed: Aug 8
Last Checked: Jul 24 at 2:01PM
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 Keller Williams Elite Properties
Investment Insights
Based on property information with market context.
This duplex offers two separate structures. The main house features three bedrooms and two full baths. A second structure includes one bedroom and one bath, providing flexible layout options for an owner-occupant or an income-focused arrangement.
The property is zoned T4-R and is positioned directly across from Jose Lincoln-Martí School. It is also just minutes from Calle Ocho and within reach of Downtown Miami and Brickell, with easy access to major highways.
With two distinct living areas under a single ownership, the configuration supports multiple practical uses while maintaining a centrally located, neighborhood-serving setting.
The property is zoned T4-R and is positioned directly across from Jose Lincoln-Martí School. It is also just minutes from Calle Ocho and within reach of Downtown Miami and Brickell, with easy access to major highways.
With two distinct living areas under a single ownership, the configuration supports multiple practical uses while maintaining a centrally located, neighborhood-serving setting.
Key Highlights
- Duplex with two separate structures: main home and a second structure
- Main house features 3 bedrooms and 2 full baths
- Second structure includes 1 bedroom and 1 bath
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
$27,677
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%
$553,540
$553.5K
Cap Rate 7%
$395,386
$395.4K
Cap Rate 9%
$307,522
$307.5K
Market Conditions
NOI Build-Up for 1,380 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
$42.2K $30.60/SF
− Vacancy
−$2.7K −$1.95/SF
EGI
$39.5K $28.65/SF
− OpEx
−$11.9K −$8.60/SF
NOI
$27.7K $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%
$553,540
Cap Rate 7%
$395,386
Cap Rate 9%
$307,522
Alternative Uses
Best Use
Multifamily LT 5
$395.4K
$346.0K – $461.3K
NOI $27,677 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$364.2K
$318.7K – $424.9K
NOI $25,493 @ 7.0% cap · market cap 4.64%
Theoretical Best
Specialty Retail
$931.5K
$815.1K – $1.09M
NOI $65,206 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,180
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Duplex includes a 3-bedroom, 2-bath main home and a 1-bedroom, 1-bath second structure.
Where is this duplex located?
The property is located at 2341 Southwest 9th Street Miami, FL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Duplex with two separate structures: main home and a second structure; Main house features 3 bedrooms and 2 full baths; Second structure includes 1 bedroom and 1 bath
