Remodeled Fourplex with Patio
For Sale
$1,149,000
2835 NW 22nd Ave, Miami, FL 33142
Updated four-unit property with patio-access ground levels, new A/C upgrades, and a freshly recoated roof.
Property Size4,421 SF
Days on Market63
Property Features for 2835 NW 22nd Ave
General Information
Standard status
Active
Size
4,421 SF
Property subtype
Quadruplex
Additional Details
Cap Rate
6.5%
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$13,329
Building Details
Building Size
4,421 SF
Year Built
1969
Listing Agency:
Rolar Realty Group, LLC.
(954) 554-4796
Listed By:
Sidle Roldan · License #3208717
Source:
Relinkre
Added: Jun 28
Changed: Aug 24
Last Checked: Aug 26 at 2:24PM
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 Rolar Realty Group, LLC.
Investment Insights
Based on property information with market context.
This fourplex consists of four residential units with ground-floor layouts that provide direct patio access. A 40/50-year recertification has been completed, and bathrooms have been remodeled in all units except unit #4. The interiors include laminate floors throughout, and the roof was recoated on 04/11/2025. Physical upgrades also include three brand-new A/C units, a renovated fence, and four rear storage spaces for tenant use.
The property is located at 2835 NW 22nd Ave in Allapattah, Miami, FL 33142. Provided walk, bike, and transit metrics indicate the area is very walkable and bikeable, with good transit.
From a tenant- and operator-focused standpoint, the direct patio access on the ground floor can support everyday convenience, while dedicated rear storage helps separate personal items from main living areas. With the major building items referenced as recently addressed—roof recoating, recertification completion, and A/C replacements—the offering is positioned in the provided materials as a solid income-oriented opportunity, with the remarks citing an approximate 6.5% cap rate and emphasizing stability for long-term ownership.
The property is located at 2835 NW 22nd Ave in Allapattah, Miami, FL 33142. Provided walk, bike, and transit metrics indicate the area is very walkable and bikeable, with good transit.
From a tenant- and operator-focused standpoint, the direct patio access on the ground floor can support everyday convenience, while dedicated rear storage helps separate personal items from main living areas. With the major building items referenced as recently addressed—roof recoating, recertification completion, and A/C replacements—the offering is positioned in the provided materials as a solid income-oriented opportunity, with the remarks citing an approximate 6.5% cap rate and emphasizing stability for long-term ownership.
Key Highlights
- Fourplex built in 1969 with completed 40/50‑year recertification
- Roof recoated 04/11/2025
- Three brand‑new A/C 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
$88,666
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
7.72%
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%
$1,773,320
$1.8M
Cap Rate 7%
$1,266,657
$1.3M
Cap Rate 9%
$985,178
$985.2K
Market Conditions
NOI Build-Up for 4,421 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
$135.3K $30.60/SF
− Vacancy
−$8.6K −$1.95/SF
EGI
$126.7K $28.65/SF
− OpEx
−$38.0K −$8.60/SF
NOI
$88.7K $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%
$1,773,320
Cap Rate 7%
$1,266,657
Cap Rate 9%
$985,178
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,666 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,671 @ 7.0% cap · market cap 7.11%
Theoretical Best
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,894 @ 7.0% cap · market cap 18.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,938
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 - Updated four-unit property with patio-access ground levels, new A/C upgrades, and a freshly recoated roof.
Where is this quadplex located?
The property is located at 2835 NW 22nd Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: Fourplex built in 1969 with completed 40/50‑year recertification; Roof recoated 04/11/2025; Three brand‑new A/C units
