Fully Leased Triplex with
For Sale
$1,025,000
3045 SW 21st St, Miami, FL 33145
Turnkey, fully rented triplex with three leased units across two updated buildings, including recent HVAC and kitchen renovations.
Property Size1,850 SF
Price / SF$554.05
Days on Market141
Property Features for 3045 SW 21st St
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$11,068
Building Details
Building Size
1,850 SF
Year Built
1938
Listing Agency:
Miami New Realty
Listed By:
Vivian Ravelo · License #3318730
(786) 515-8037
Source:
Allyandaj
Added: Apr 20
Changed: Sep 7
Last Checked: Sep 7 at 9:09AM
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 Miami New Realty
Investment Insights
Based on property information with market context.
This fully leased triplex presents a turnkey income opportunity with three occupied units across two updated buildings. The offering includes a 2-bed/1-bath unit and two additional 1-bath units. One unit has been fully remodeled with a new HVAC system, a new kitchen with modern cabinets and appliances, updated flooring, fresh paint inside and out, a new water heater, and artificial turf for low-maintenance outdoor space.
The property is situated in a central Miami neighborhood with easy access to major highways and close proximity to Coral Gables and Downtown.
As currently configured, the buildings provide a straightforward three-unit setup with ongoing rental income from all units being fully leased.
The property is situated in a central Miami neighborhood with easy access to major highways and close proximity to Coral Gables and Downtown.
As currently configured, the buildings provide a straightforward three-unit setup with ongoing rental income from all units being fully leased.
Key Highlights
- 1938‑built fully rented triplex with three leased units across two updated buildings
- Unit mix includes a 2 bed/1 bath unit and a studio/1 bath unit combination
- Renovated unit features new HVAC, remodeled kitchen with modern cabinets and appliances, updated flooring, and fresh interior and exterior paint
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
$37,103
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
3.62%
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%
$742,060
$742.1K
Cap Rate 7%
$530,043
$530.0K
Cap Rate 9%
$412,256
$412.3K
Market Conditions
NOI Build-Up for 1,850 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
$56.6K $30.60/SF
− Vacancy
−$3.6K −$1.95/SF
EGI
$53.0K $28.65/SF
− OpEx
−$15.9K −$8.60/SF
NOI
$37.1K $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%
$742,060
Cap Rate 7%
$530,043
Cap Rate 9%
$412,256
Alternative Uses
Best Use
Multifamily LT 5
$530.0K
$463.8K – $618.4K
NOI $37,103 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$488.2K
$427.2K – $569.6K
NOI $34,176 @ 7.0% cap · market cap 3.33%
Theoretical Best
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,413 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,173
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 - Turnkey, fully rented triplex with three leased units across two updated buildings, including recent HVAC and kitchen renovations.
Where is this triplex located?
The property is located at 3045 SW 21st St Miami, FL.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: 1938‑built fully rented triplex with three leased units across two updated buildings; Unit mix includes a 2 bed/1 bath unit and a studio/1 bath unit combination; Renovated unit features new HVAC, remodeled kitchen with modern cabinets and appliances, updated flooring, and fresh interior and exterior paint
