Turn-Key Fourplex with In-Unit
2841 Southwest 24th Terrace Miami, FL 33145
2841 Southwest 24th Terrace, Miami, FL, 33145
$1,390,000
For Sale
$1,390,000
Fully renovated 2024 fourplex with two 2BR/1BA and two 1BR/1BA units, plus in-unit laundry for 2BR tenants.
Property Size2,944 SF
Price / SF$472.15
Days on Market165
Property Features for 2841 Southwest 24th Terrace
General Information
- Standard status
- Active
- Size
- 2,944 SF
- Property subtype
- Multi-Family Income / Fourplex
Building Details
- Year Built
- 1981
Listing agency
Hand Keys Realty
(305) 519-2150
Listed by
Victor Barroso Jr · License #3382780
(305) 519-2150
Source
Compass
Added: Feb 7 Updated: Jul 21 at 4:09AM Checked: Jul 21 at 4:09AM
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 Hand Keys Realty
Investment Insights
Based on property information with market context.
Newly renovated in 2024, this turn-key fourplex features two 2BR/1BA units and two 1BR/1BA units. The renovation includes a new roof, updated electrical and plumbing, impact windows and doors, tile flooring, window treatments, and all-new kitchens and baths. The property also has multiple kitchen configurations with high-end appliances throughout, along with four full bathrooms across the building.
Two legal addresses are under one new 2024 roof: 2841 SW 24th Terrace and 2850 SW 24th Street. Tenants are currently month-to-month, offering flexibility to renew. The two 2BR/1BA units include in-unit laundry and two parking spaces each, while the 1BR/1BA units offer easy access with ample on-street and visitor parking.
The asset is presented as a buy-and-hold investment, with stable current rent and potential rental upside tied to lease renewals.
Two legal addresses are under one new 2024 roof: 2841 SW 24th Terrace and 2850 SW 24th Street. Tenants are currently month-to-month, offering flexibility to renew. The two 2BR/1BA units include in-unit laundry and two parking spaces each, while the 1BR/1BA units offer easy access with ample on-street and visitor parking.
The asset is presented as a buy-and-hold investment, with stable current rent and potential rental upside tied to lease renewals.
Key Highlights
- Fully renovated 2024 fourplex (Year built 1981) with 2× 2BR/1BA and 2× 1BR/1BA units.
- 2024 upgrades include new roof, electrical, plumbing, impact windows & doors, tile flooring, and new kitchens and baths.
- Two legal addresses under one 2024 roof: 2841 SW 24th Terrace and 2850 SW 24th Street, Miami, FL 33145.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $90.1k | $30.60 |
| − Vacancy | −$5.7k | −$1.95 |
| EGI | $84.3k | $28.65 |
| − OpEx | −$25.3k | −$8.60 |
| NOI | $59.0k | $20.06 |
2,944 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$843.5K
$738.1K – $984.1K
NOI $59,044 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$776.9K
$679.8K – $906.4K
NOI $54,386 @ 7.0% cap · market cap 3.91%
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,105 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fully renovated 2024 fourplex with two 2BR/1BA and two 1BR/1BA units, plus in-unit laundry for 2BR tenants.
Where is this quadplex located?
The property is located at 2841 Southwest 24th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Fully renovated 2024 fourplex (Year built 1981) with 2× 2BR/1BA and 2× 1BR/1BA units.; 2024 upgrades include new roof, electrical, plumbing, impact windows & doors, tile flooring, and new kitchens and baths.; Two legal addresses under one 2024 roof: 2841 SW 24th Terrace and 2850 SW 24th Street, Miami, FL 33145.
