Renovated Duplex
3101 Plaza Street Miami, FL 33133
For Sale
$1,550,000
Six duplex units on a single lot, all renovated in 2014 and 100% leased.
Property Size4,208 SF
Lot Size0.43 Acres
Price / SF$368.35
Days on Market2217
Property Features for 3101 Plaza Street
General Information
- Standard status
- Active
- Size
- 4,208 SF
- Lot size
- 0.43 Acres
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1953
Listing Agency:
Cervera Real Estate, Inc.
(305) 374-3434
Listed By:
Claudia Del Toro · License #3100027
(305) 374-3434
Source:
Compass
Added: Jun 29, 2020
Changed: Jul 23
Last Checked: Jul 24 at 12:36PM
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 Cervera Real Estate, Inc.
Investment Insights
Based on property information with market context.
This for-sale duplex portfolio consists of six units across a two-folio assemblage on an 18,600 sq. ft lot. There are three two-bedroom, one-bath units and three one-bedroom, one-bath units. All units were renovated in 2014 and feature stainless steel appliances, tile or refinished terrazzo floors, washer and dryers, private yards and fences, plus pool and parking.
The property is located in Coconut Grove, east of US 1, with proximity to parks, schools, shopping, and entertainment. It is approximately 4.4 miles from Biscayne Bay. The property also includes six electric and water meters.
Zoning is T3-O. The seller notes a potential zoning upgrade application opportunity, with neighboring properties currently applying, and describes the property as a turnkey opportunity with gross annual rent income of $116,700.
The property is located in Coconut Grove, east of US 1, with proximity to parks, schools, shopping, and entertainment. It is approximately 4.4 miles from Biscayne Bay. The property also includes six electric and water meters.
Zoning is T3-O. The seller notes a potential zoning upgrade application opportunity, with neighboring properties currently applying, and describes the property as a turnkey opportunity with gross annual rent income of $116,700.
Key Highlights
- Two folio assemblage on an 18,600 SF lot with 6 duplex units
- 100% leased in Coconut Grove, FL, with gross annual rent income of $116,700
- Unit mix: three 2BR/1BA units and three 1BR/1BA units
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 | $128.8k | $30.60 |
| − Vacancy | −$8.2k | −$1.95 |
| EGI | $120.6k | $28.65 |
| − OpEx | −$36.2k | −$8.60 |
| NOI | $84.4k | $20.06 |
4,208 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.05M – $1.41M
NOI $84,394 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$1.11M
$971.7K – $1.30M
NOI $77,736 @ 7.0% cap · market cap 5.02%
Theoretical Best
Specialty Retail
$2.84M
$2.49M – $3.31M
NOI $198,830 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Reno Apartments
Apartment Building
Full Service Home ...
Electrical Engineer
FAQs
What type of property is this?
Multifamily property - Six duplex units on a single lot, all renovated in 2014 and 100% leased.
Where is this multifamily property located?
The property is located at 3101 Plaza Street Miami, FL.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Two folio assemblage on an 18,600 SF lot with 6 duplex units; 100% leased in Coconut Grove, FL, with gross annual rent income of $116,700; Unit mix: three 2BR/1BA units and three 1BR/1BA units
