Duplex with Impact
New
For Sale
$1,499,000
3471/3473 Plaza St, Miami, FL 33133
Two residential units feature spacious living areas, fresh paint, and a newer roof.
Property Size2,138 SF
Days on Market7
Property Features for 3471/3473 Plaza St
General Information
Standard status
Active
Size
2,138 SF
Property subtype
Duplex
Zoning
T3-O
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,518
Building Details
Building Size
2,138 SF
Year Built
1987
Buildings
1
Listing Agency:
Keller Williams Capital Realty
Listed By:
Jason Smith · License #0688165
(786) 326-8115
Source:
Luxeknows
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 7 at 9:36AM
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 Keller Williams Capital Realty
Investment Insights
Based on property information with market context.
Located at 3471/3473 Plaza Street in Miami, this 1987-built duplex contains two residential units totaling 2,138 square feet. Each unit includes three bedrooms, two bathrooms, and spacious living areas. Recent property improvements include a new roof, impact windows, and fresh paint.
The property is in Coconut Grove, within walking distance of bayfront parks, marinas, the historic village, CocoWalk, boutique shopping, dining, and entertainment. The site is described as high elevation and outside the flood zone, with tree-lined streets and an urban corridor setting nearby. The current two-unit configuration provides an established residential layout, while the source information also identifies the property as suitable for continued residential use or future redevelopment.
The property is in Coconut Grove, within walking distance of bayfront parks, marinas, the historic village, CocoWalk, boutique shopping, dining, and entertainment. The site is described as high elevation and outside the flood zone, with tree-lined streets and an urban corridor setting nearby. The current two-unit configuration provides an established residential layout, while the source information also identifies the property as suitable for continued residential use or future redevelopment.
Key Highlights
- Two‑unit duplex totaling 2,138 square feet
- Each unit offers 3 bedrooms and 2 bathrooms
- New roof, impact windows, and fresh 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
$42,879
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
2.86%
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%
$857,580
$857.6K
Cap Rate 7%
$612,557
$612.6K
Cap Rate 9%
$476,433
$476.4K
Market Conditions
NOI Build-Up for 2,138 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
$65.4K $30.60/SF
− Vacancy
−$4.2K −$1.95/SF
EGI
$61.3K $28.65/SF
− OpEx
−$18.4K −$8.60/SF
NOI
$42.9K $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%
$857,580
Cap Rate 7%
$612,557
Cap Rate 9%
$476,433
Alternative Uses
Best Use
Multifamily LT 5
$612.6K
$536.0K – $714.7K
NOI $42,879 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$564.2K
$493.7K – $658.3K
NOI $39,496 @ 7.0% cap · market cap 2.63%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $101,021 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 33133, FL
34,141
Population
17,235
Households
2
Avg Household Size
43
Median Age
62%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
8,129
Density / Sq Mi
$92,734
Median Household Income
$58,233
Median Earnings
$1,945
Median Rent
$906,800
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?
Duplex - Two residential units feature spacious living areas, fresh paint, and a newer roof.
Where is this duplex located?
The property is located at 3471/3473 Plaza St Miami, FL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,138 square feet; Each unit offers 3 bedrooms and 2 bathrooms; New roof, impact windows, and fresh paint
