Triplex with Two Detached Homes on One
For Sale
$1,100,000
3438 SW 2nd St, Miami, FL 33135
Triplex on one lot with two central-air detached homes and a move-in ready efficiency, plus recent roof and sewer improvements.
Property Size3,095 SF
Price / SF$355.41
Days on Market57
Property Features for 3438 SW 2nd St
General Information
Standard status
Active
Size
3,095 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$12,105
Building Details
Building Size
3,095 SF
Year Built
1920
Listing Agency:
MTRE Groupe LLC
Listed By:
Gulcin Morello · License #3362298
(786) 451-9587
Source:
Allyandaj
Added: Jul 21
Changed: Sep 12
Last Checked: Sep 14 at 9:35AM
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 MTRE Groupe LLC
Investment Insights
Based on property information with market context.
This triplex offers two detached single-family homes and an efficiency on one lot. The main homes each feature central air conditioning, and the efficiency is equipped with a window A/C unit. One of the homes is ready for personal updates and renovation, while the second home and the efficiency are move-in ready.
The property is located at 3438 SW 2nd St in Miami, Florida. Major capital improvements have been completed, including a brand-new roof in 2025 with permits, and a 2025 sewer connection with permits that replaced the prior septic system with city sewer service. Tenants pay both water and electricity.
Built in 1920, the property combines a mix of update-ready and move-in ready spaces within a single triplex configuration, supported by the completed roofing and sewer upgrades.
The property is located at 3438 SW 2nd St in Miami, Florida. Major capital improvements have been completed, including a brand-new roof in 2025 with permits, and a 2025 sewer connection with permits that replaced the prior septic system with city sewer service. Tenants pay both water and electricity.
Built in 1920, the property combines a mix of update-ready and move-in ready spaces within a single triplex configuration, supported by the completed roofing and sewer upgrades.
Key Highlights
- Two detached single‑family homes plus an efficiency on one lot
- Central air conditioning in both main homes; efficiency has a window A/C unit
- Brand‑new roof in 2025 with permits
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
$62,072
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
5.64%
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%
$1,241,440
$1.2M
Cap Rate 7%
$886,743
$886.7K
Cap Rate 9%
$689,689
$689.7K
Market Conditions
NOI Build-Up for 3,095 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
$94.7K $30.60/SF
− Vacancy
−$6.0K −$1.95/SF
EGI
$88.7K $28.65/SF
− OpEx
−$26.6K −$8.60/SF
NOI
$62.1K $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%
$1,241,440
Cap Rate 7%
$886,743
Cap Rate 9%
$689,689
Alternative Uses
Best Use
Multifamily LT 5
$886.7K
$775.9K – $1.03M
NOI $62,072 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$816.8K
$714.7K – $952.9K
NOI $57,175 @ 7.0% cap · market cap 5.20%
Theoretical Best
Specialty Retail
$2.09M
$1.83M – $2.44M
NOI $146,240 @ 7.0% cap · market cap 13.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,747
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
Median Home Value
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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?
Triplex - Triplex on one lot with two central-air detached homes and a move-in ready efficiency, plus recent roof and sewer improvements.
Where is this triplex located?
The property is located at 3438 SW 2nd St Miami, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two detached single‑family homes plus an efficiency on one lot; Central air conditioning in both main homes; efficiency has a window A/C unit; Brand‑new roof in 2025 with permits
