Turn-Key Fourplex with In-Unit
For Sale
$1,390,000
Pending
2841 Southwest 24th Terrace, Miami, FL 33145
Fully renovated 2024 fourplex with two 2BR/1BA and two 1BR/1BA units, plus in-unit laundry for 2BR tenants.
Property Size2,944 SF
Days on Market197
Property Features for 2841 Southwest 24th Terrace
General Information
Standard status
Pending
Size
2,944 SF
Property subtype
Residential Income / Fourplex
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$16,465
Building Details
Year Built
1981
Year Renovated
2024
Tenancy
Multi
Listing Agency:
Hand Keys Realty
Listed By:
Victor Barroso Jr · License #3382780
(305) 519-2150
Source:
Compass
Added: Feb 20
Changed: Aug 8
Last Checked: Jul 24 at 3:07PM
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.
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
$59,044
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
4.25%
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%
$1,180,880
$1.2M
Cap Rate 7%
$843,486
$843.5K
Cap Rate 9%
$656,044
$656.0K
Market Conditions
NOI Build-Up for 2,944 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
$90.1K $30.60/SF
− Vacancy
−$5.7K −$1.95/SF
EGI
$84.3K $28.65/SF
− OpEx
−$25.3K −$8.60/SF
NOI
$59.0K $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%
$1,180,880
Cap Rate 7%
$843,486
Cap Rate 9%
$656,044
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,701
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?
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.
