Two-Structure
For Sale
$549,000
Pending
2341 SW 9th Street, Miami, FL 33135
Separate residential structures provide a three-bedroom main residence and a one-bedroom secondary unit.
Property Size2,460 SF
Days on Market59
Property Features for 2341 SW 9th Street
General Information
Standard status
Pending
Size
2,460 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
3900
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,283
Building Details
Building Size
2,460 SF
Year Built
1926
Buildings
2
Stories
1
Listing Agency:
Keller Williams Elite Properties
(305) 724-2506
Listed By:
Richard Flor · License #3549674
(305) 724-2506
Source:
Laerrealty
Added: Jul 5
Changed: Aug 30
Last Checked: Aug 30 at 6:36AM
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 property includes two separate structures with a combined property size of 1,380 square feet. The primary residence contains 3 bedrooms and 2 full baths, while the additional structure provides 1 bedroom and 1 bath. Built in 1926, the layout supports distinct residential accommodations on one property.
Located at 2341 SW 9th Street in Miami’s Little Havana, the property sits directly across from Jose Lincoln-Martí School and is minutes from Calle Ocho. Nearby context includes cafés, restaurants, neighborhood shops, parks, and major transit corridors. Downtown Miami, Brickell, and major highways are also accessible from the property.
Located at 2341 SW 9th Street in Miami’s Little Havana, the property sits directly across from Jose Lincoln-Martí School and is minutes from Calle Ocho. Nearby context includes cafés, restaurants, neighborhood shops, parks, and major transit corridors. Downtown Miami, Brickell, and major highways are also accessible from the property.
Key Highlights
- Two separate structures on one duplex property
- Main residence with 3 bedrooms and 2 full baths
- Secondary structure with 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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,267
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 - Separate residential structures provide a three-bedroom main residence and a one-bedroom secondary unit.
Where is this duplex located?
The property is located at 2341 SW 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: Two separate structures on one duplex property; Main residence with 3 bedrooms and 2 full baths; Secondary structure with 1 bedroom and 1 bath
