Residential Income Redevelopment
For Sale
$750,000
2800 Southwest 16th Terrace, Miami, FL 33145
Triplex with three existing units, sold as-is, positioned for T3O zoning redevelopment with multi-unit or townhome construction.
Property Size1,535 SF
Price / SF$488.60
Days on Market223
Property Features for 2800 Southwest 16th Terrace
General Information
Standard status
Active
Size
1,535 SF
Property subtype
Residential Income / Duplex
Zoning
T3O
Taxes and HOA fees
Annual Taxes
$11,498
Amenities
Central Air, Wall/Window Unit(s)
0.0
Ceramic Tile, Other
3
Frame, Stucco
Shingle
No
Duplex
Building Details
Year Built
1924
Listing Agency:
Compass
Listed By:
Gerardo Gonzalez · License #3337841
(305) 964-8614
Source:
Compass
Added: Jan 28
Changed: Sep 7
Last Checked: Sep 7 at 10:57AM
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 Compass
Investment Insights
Based on property information with market context.
This residential income triplex offers three existing units and is being sold as-is. Public remarks indicate the three units are estimated to produce about $60,000 per year in gross income, providing interim carry while pursuing redevelopment. T3O zoning permits modern multi-unit or townhome construction, creating an opportunity for a builder to use the existing property as part of the process through entitlement.
The property is in Miami-Dade County school district and is described in relation to Coral Gables Senior High School, Ponce De Leon Middle School, and Coral Gables Preparatory Academy. As presented, the transaction is framed as a land-driven redevelopment play with existing rent acting as additional cushion.
The property is in Miami-Dade County school district and is described in relation to Coral Gables Senior High School, Ponce De Leon Middle School, and Coral Gables Preparatory Academy. As presented, the transaction is framed as a land-driven redevelopment play with existing rent acting as additional cushion.
Key Highlights
- Triplex with three existing units, sold as‑is
- T3O zoning permits modern multi‑unit or townhome construction
- Estimated gross income of roughly $60,000/year from the three existing units
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
$30,785
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
4.10%
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%
$615,700
$615.7K
Cap Rate 7%
$439,786
$439.8K
Cap Rate 9%
$342,056
$342.1K
Market Conditions
NOI Build-Up for 1,535 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
$47.0K $30.60/SF
− Vacancy
−$3.0K −$1.95/SF
EGI
$44.0K $28.65/SF
− OpEx
−$13.2K −$8.60/SF
NOI
$30.8K $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%
$615,700
Cap Rate 7%
$439,786
Cap Rate 9%
$342,056
Alternative Uses
Best Use
Multifamily LT 5
$439.8K
$384.8K – $513.1K
NOI $30,785 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$405.1K
$354.5K – $472.6K
NOI $28,357 @ 7.0% cap · market cap 3.78%
Theoretical Best
Specialty Retail
$1.04M
$906.6K – $1.21M
NOI $72,529 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,469
Businesses Nearby
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
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 - Triplex with three existing units, sold as-is, positioned for T3O zoning redevelopment with multi-unit or townhome construction.
Where is this triplex located?
The property is located at 2800 Southwest 16th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Triplex with three existing units, sold as‑is; T3O zoning permits modern multi‑unit or townhome construction; Estimated gross income of roughly $60,000/year from the three existing units
