High-Income Producing 4-Plex
For Sale
$880,000
2378 NW 60th Street, Miami, FL 33142
Fully rented 4-plex generating immediate and reliable cash flow.
Property Size2,446 SF
Days on Market185
Property Features for 2378 NW 60th Street
General Information
Standard status
Active
Size
2,446 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$8,226
Building Details
Building Size
2,446 SF
Year Built
1940
Listing Agency:
MTRE Groupe LLC
Listed By:
Gulcin Mine Morello · License #3362298
(786) 451-9587
Source:
Silverleafrealtygroup
Added: Mar 8
Changed: Sep 2
Last Checked: Sep 8 at 12:38PM
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 MTRE Groupe LLC
Investment Insights
Based on property information with market context.
This fully rented 4-plex presents an exceptional cash-flow investment opportunity, ideal for portfolio diversification. The property, generating income from day one, features two detached buildings that enhance privacy and tenant appeal. A recent refresh included new exterior paint. The front building contains a spacious 3-bedroom, 1-bath unit. The rear building houses three well-maintained 2-bedroom, 1-bath units. The property has 4 dedicated parking spaces. Each unit has a separate electric meter, with tenants responsible for electricity. The landlord covers water and insurance expenses. The gross yearly rent is $90,600. The property is located in an area with a bike score of 57, indicating it is bikeable, a walk score of 63, indicating it is somewhat walkable, and a transit score of 50, indicating good transit options.
Key Highlights
- High‑income producing 4‑plex generating $90,600 gross yearly rent.
- Fully rented property providing immediate and reliable cash flow from day one.
- Turnkey asset with low owner expenses (landlord pays only water and insurance).
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
$49,056
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
5.57%
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%
$981,120
$981.1K
Cap Rate 7%
$700,800
$700.8K
Cap Rate 9%
$545,067
$545.1K
Market Conditions
NOI Build-Up for 2,446 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
$74.8K $30.60/SF
− Vacancy
−$4.8K −$1.95/SF
EGI
$70.1K $28.65/SF
− OpEx
−$21.0K −$8.60/SF
NOI
$49.1K $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%
$981,120
Cap Rate 7%
$700,800
Cap Rate 9%
$545,067
Alternative Uses
Best Use
Multifamily LT 5
$700.8K
$613.2K – $817.6K
NOI $49,056 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$645.5K
$564.8K – $753.1K
NOI $45,186 @ 7.0% cap · market cap 5.13%
Theoretical Best
Specialty Retail
$1.65M
$1.44M – $1.93M
NOI $115,575 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Quadplex - Fully rented 4-plex generating immediate and reliable cash flow.
Where is this quadplex located?
The property is located at 2378 NW 60th Street Miami, FL.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: High‑income producing 4‑plex generating $90,600 gross yearly rent.; Fully rented property providing immediate and reliable cash flow from day one.; Turnkey asset with low owner expenses (landlord pays only water and insurance).
