Renovated Duplex With Private
For Sale
$730,000
2784 SW 31st Pl, Miami, FL 33133
Both units feature updated kitchens and bathrooms, independent laundry, and open living areas.
Property Size1,050 SF
Days on Market169
Property Features for 2784 SW 31st Pl
General Information
Standard status
Active
Size
1,050 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$11,062
Amenities
private backyard
independent washer and dryer for each unit
Building Details
Building Size
1,050 SF
Year Built
1954
Tenancy
Multi
Listing Agency:
Chute Real Estate LLC
Listed By:
Sama Chute · License #3363082
(855) 560-0678
Source:
Luxeknows
Added: Apr 1
Changed: Sep 10
Last Checked: Sep 15 at 11:29AM
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 Chute Real Estate LLC
Investment Insights
Based on property information with market context.
This duplex, built in 1954, has been remodeled with updated kitchens, bathrooms, modern finishes, open living spaces, and efficient layouts in both units. Each side includes an independent washer and dryer. Both units are fully leased, providing an operating rental property with completed interior updates.
The property is located at 2784 SW 31st Pl in Miami, on a dead-end road at the end of a cul-de-sac. Its level private backyard provides outdoor space for entertaining, gardening, or play. A wide driveway and front parking area accommodate multiple vehicles, while the surrounding setting offers minimal traffic and convenient access to local amenities, schools, and transit.
The property is located at 2784 SW 31st Pl in Miami, on a dead-end road at the end of a cul-de-sac. Its level private backyard provides outdoor space for entertaining, gardening, or play. A wide driveway and front parking area accommodate multiple vehicles, while the surrounding setting offers minimal traffic and convenient access to local amenities, schools, and transit.
Key Highlights
- Both sides fully leased
- Remodeled duplex with updated kitchens, bathrooms, and modern finishes
- Each unit includes an independent washer and dryer
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
$21,058
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
2.88%
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%
$421,160
$421.2K
Cap Rate 7%
$300,829
$300.8K
Cap Rate 9%
$233,978
$234.0K
Market Conditions
NOI Build-Up for 1,050 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
$32.1K $30.60/SF
− Vacancy
−$2.0K −$1.95/SF
EGI
$30.1K $28.65/SF
− OpEx
−$9.0K −$8.60/SF
NOI
$21.1K $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%
$421,160
Cap Rate 7%
$300,829
Cap Rate 9%
$233,978
Alternative Uses
Best Use
Multifamily LT 5
$300.8K
$263.2K – $351.0K
NOI $21,058 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$277.1K
$242.5K – $323.3K
NOI $19,397 @ 7.0% cap · market cap 2.66%
Theoretical Best
Specialty Retail
$708.8K
$620.2K – $826.9K
NOI $49,613 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,902
Businesses Nearby
Explore this area
Business Placement
Demographics for 33133, FL
34,141
Population
17,235
Households
2
Avg Household Size
43
Median Age
62%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
8,129
Density / Sq Mi
$92,734
Median Household Income
$58,233
Median Earnings
$1,945
Median Rent
$906,800
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 - Both units feature updated kitchens and bathrooms, independent laundry, and open living areas.
Where is this duplex located?
The property is located at 2784 SW 31st Pl Miami, FL.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: Both sides fully leased; Remodeled duplex with updated kitchens, bathrooms, and modern finishes; Each unit includes an independent washer and dryer
