Remodeled Triplex with Solar
For Sale
$725,000
2420 NW 34th St, Miami, FL 33142
Three-unit configuration includes a two-bedroom main residence and two one-bedroom apartments.
Property Size2,133 SF
Days on Market96
Property Features for 2420 NW 34th St
General Information
Standard status
Active
Size
2,133 SF
Property subtype
Investment
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$66,000
Taxes and HOA fees
Annual Taxes
$7,254
Amenities
solar panels
backyard
Building Details
Building Size
2,133 SF
Year Built
1925
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Mederos and Associates Real Estate Inc
(786) 261-4920
Listed By:
Jorge Mederos · License #0496433
(786) 261-4920
Source:
Elliman
Added: May 27
Changed: Aug 30
Last Checked: Aug 30 at 4:04PM
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 Mederos and Associates Real Estate Inc
Investment Insights
Based on property information with market context.
This 2,133-square-foot triplex, built in 1925, has been completely remodeled and offers a two-bedroom, one-bath main residence alongside two separate one-bedroom, one-bath apartments. The main residence includes a large living room, family room, custom kitchen, and newer central AC unit. All three units are currently rented.
The property includes a large backyard, front parking, and custom-designed solar panels that help reduce the FPL bill. It is located in Miami’s Allapattah area and carries zoning designation 5700. The property is described as a non-conforming triplex.
The property includes a large backyard, front parking, and custom-designed solar panels that help reduce the FPL bill. It is located in Miami’s Allapattah area and carries zoning designation 5700. The property is described as a non-conforming triplex.
Key Highlights
- 2,133 SF triplex built in 1925
- Unit mix includes one 2‑bed/1‑bath residence and two 1‑bed/1‑bath apartments
- Completely remodeled property with custom kitchen and newer central AC
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
$42,778
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
5.90%
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%
$855,560
$855.6K
Cap Rate 7%
$611,114
$611.1K
Cap Rate 9%
$475,311
$475.3K
Market Conditions
NOI Build-Up for 2,133 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
$65.3K $30.60/SF
− Vacancy
−$4.2K −$1.95/SF
EGI
$61.1K $28.65/SF
− OpEx
−$18.3K −$8.60/SF
NOI
$42.8K $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%
$855,560
Cap Rate 7%
$611,114
Cap Rate 9%
$475,311
Alternative Uses
Best Use
Multifamily LT 5
$611.1K
$534.7K – $713.0K
NOI $42,778 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$562.9K
$492.6K – $656.7K
NOI $39,404 @ 7.0% cap · market cap 5.44%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,785 @ 7.0% cap · market cap 13.90%
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
1,356
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?
Triplex - Three-unit configuration includes a two-bedroom main residence and two one-bedroom apartments.
Where is this triplex located?
The property is located at 2420 NW 34th St Miami, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 2,133 SF triplex built in 1925; Unit mix includes one 2‑bed/1‑bath residence and two 1‑bed/1‑bath apartments; Completely remodeled property with custom kitchen and newer central AC
