Two-Unit Duplex with Flexible
New
For Sale
$1,499,000
3471/3473 Plaza St, Miami, FL 33133
Residential Income, Miami, FL
Property Size2,138 SF
Price / SF$701.12
Days on Market2
Property Features for 3471/3473 Plaza St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
5700
Bedrooms
6
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 5
Parking
2
Subdivision
FROW HOMESTEAD
Lot features
< 1/4 Acre
Standard status
Active
APN
01-41-21-007-5510
Size
2,138 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
FROW HOMESTEAD PB B-106 LOT 9 BLK 31 OR 13103-1640 1186 5
Tax Annual Amount
9518
Legal Description
FROW HOMESTEAD PB B-106 LOT 9 BLK 31 OR 13103-1640 1186 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1987
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
Keller Williams Capital Realty · Keller Williams Realty
(305) 662-7325
Listed By:
Jason Smith · License #0688165
(786) 326-8115
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 9:06AM
MLS# A12082353
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,138-square-foot duplex contains two residential units, each with three bedrooms, two bathrooms, and spacious living areas. The property has a new shingle roof, impact windows, fresh paint, tile flooring, central heating, and central air conditioning. Built in 1987 with block construction, it also includes public sewer service and cable availability.
Zoned T3-O, the property may support continued use as two residential units or conversion to a single-family home, as described in the listing information. Located at 3471/3473 Plaza St in Miami, the property is outside the flood zone and within walking distance of bayfront parks, marinas, the historic village, CocoWalk, shopping, dining, and entertainment.
Zoned T3-O, the property may support continued use as two residential units or conversion to a single-family home, as described in the listing information. Located at 3471/3473 Plaza St in Miami, the property is outside the flood zone and within walking distance of bayfront parks, marinas, the historic village, CocoWalk, shopping, dining, and entertainment.
Key Highlights
- 2,138 SF duplex with two residential units
- Each unit includes 3 bedrooms and 2 bathrooms
- T3‑O zoning allows a single‑family home or continued two‑unit use
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
Property Profile
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 - Updated two-unit property with T3-O zoning, central air conditioning, and separate three-bedroom, two-bath residences.
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: 2,138 SF duplex with two residential units; Each unit includes 3 bedrooms and 2 bathrooms; T3‑O zoning allows a single‑family home or continued two‑unit use
