Duplex Package with Impact
For Sale
$950,000
2428 SW 109th Court, Miami, FL 33165
Paired residential income properties with separate fenced yards, central air conditioning, laundry equipment, and storage sheds.
Property Size1,708 SF
Days on Market11
Property Features for 2428 SW 109th Court
General Information
Standard status
Active
Size
1,708 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,546
Amenities
vaulted ceilings with skylights
covered pergola and cement patio
central A/C
impact windows
washer and dryer
fenced yard with storage shed
Building Details
Building Size
1,708 SF
Year Built
1981
Buildings
2
Listing Agency:
Coldwell Banker Realty
Listed By:
Stephen J Scarpone · License #0468177
(305) 779-7711
Source:
Silverleafrealtygroup
Added: Sep 1
Changed: Sep 10
Last Checked: Sep 10 at 2:42PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This paired residential income property includes 2428 and 2426 SW 109th Court, offered together as one package. The homes were built in 1981 and feature split-bedroom layouts, vaulted ceilings, skylights, and a mix of laminate, ceramic tile, and carpeted flooring. Each residence includes a covered pergola, cement rear patio, fenced yard, and storage shed. Recent central A/C, impact windows, and washer and dryer equipment add to the existing improvements.
The property is situated across from Florida International University and near highways, shopping, dining, parks, public transportation, and Miami International Airport. A new shingle roof is scheduled for September 2026.
The property is situated across from Florida International University and near highways, shopping, dining, parks, public transportation, and Miami International Airport. A new shingle roof is scheduled for September 2026.
Key Highlights
- Two residences at 2428 and 2426 SW 109th Court sold together as one package
- Built in 1981 with split‑bedroom layouts, vaulted ceilings, and skylights
- Recent central A/C, impact windows, and washer and dryer equipment
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
$34,255
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
3.61%
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%
$685,100
$685.1K
Cap Rate 7%
$489,357
$489.4K
Cap Rate 9%
$380,611
$380.6K
Market Conditions
NOI Build-Up for 1,708 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
$52.3K $30.60/SF
− Vacancy
−$3.3K −$1.95/SF
EGI
$48.9K $28.65/SF
− OpEx
−$14.7K −$8.60/SF
NOI
$34.3K $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%
$685,100
Cap Rate 7%
$489,357
Cap Rate 9%
$380,611
Alternative Uses
Best Use
Multifamily LT 5
$489.4K
$428.2K – $570.9K
NOI $34,255 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$450.8K
$394.4K – $525.9K
NOI $31,553 @ 7.0% cap · market cap 3.32%
Theoretical Best
Specialty Retail
$1.15M
$1.01M – $1.35M
NOI $80,704 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 33165, FL
54,070
Population
17,813
Households
3
Avg Household Size
47
Median Age
28%
College-Educated
82%
High-School Grad
7.5 sq mi
ZIP Area
7,209
Density / Sq Mi
$84,086
Median Household Income
$41,657
Median Earnings
$1,796
Median Rent
$476,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Paired residential income properties with separate fenced yards, central air conditioning, laundry equipment, and storage sheds.
Where is this duplex located?
The property is located at 2428 SW 109th Court Miami, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two residences at 2428 and 2426 SW 109th Court sold together as one package; Built in 1981 with split‑bedroom layouts, vaulted ceilings, and skylights; Recent central A/C, impact windows, and washer and dryer equipment
