Duplex with Painted
New
For Sale
$789,000
3405 SW 24th St, Miami, FL 33145
Two tenant-occupied units are leased on a month-to-month basis in a central Miami location.
Property Size1,618 SF
Price / SF$487.64
Days on Market5
Property Features for 3405 SW 24th St
General Information
Standard status
Active
Size
1,618 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,690
Building Details
Building Size
1,618 SF
Year Built
1979
Listing Agency:
Premier Real Estate Sales Inc.
Listed By:
Bonnie McDonald · License #3306517
(305) 558-9996
Source:
Allyandaj
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 15 at 8:44AM
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 Premier Real Estate Sales Inc.
Investment Insights
Based on property information with market context.
Built in 1979, this duplex includes two tenant-occupied units, with both tenancies currently structured on a month-to-month basis. One side has impact windows, and the exterior has been painted recently.
The property is located at 3405 SW 24th St in Miami, with Coconut Grove and Coral Gables each approximately a four-minute drive away. Showings are available after 10:30 a.m. by appointment through the listing agents; tenants should not be disturbed.
The property is located at 3405 SW 24th St in Miami, with Coconut Grove and Coral Gables each approximately a four-minute drive away. Showings are available after 10:30 a.m. by appointment through the listing agents; tenants should not be disturbed.
Key Highlights
- Duplex built in 1979
- Both tenants are on month‑to‑month agreements
- One side features impact windows
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
$32,450
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
4.11%
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%
$649,000
$649.0K
Cap Rate 7%
$463,571
$463.6K
Cap Rate 9%
$360,556
$360.6K
Market Conditions
NOI Build-Up for 1,618 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
$49.5K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$46.4K $28.65/SF
− OpEx
−$13.9K −$8.60/SF
NOI
$32.4K $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%
$649,000
Cap Rate 7%
$463,571
Cap Rate 9%
$360,556
Alternative Uses
Best Use
Multifamily LT 5
$463.6K
$405.6K – $540.8K
NOI $32,450 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$427.0K
$373.6K – $498.2K
NOI $29,890 @ 7.0% cap · market cap 3.79%
Theoretical Best
Specialty Retail
$1.09M
$955.6K – $1.27M
NOI $76,451 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
7,160
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two tenant-occupied units are leased on a month-to-month basis in a central Miami location.
Where is this duplex located?
The property is located at 3405 SW 24th St Miami, FL.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Duplex built in 1979; Both tenants are on month‑to‑month agreements; One side features impact windows
