Three-Unit Multifamily
For Sale
Contact for pricing
Pending
408 NW 97th St, Miami, FL 33150
Two detached structures provide a one-bedroom unit mix with separate electric metering and a newly installed drainfield.
Property Size1,645 SF
Lot Size0.24 Acres
Days on Market269
Property Features for 408 NW 97th St
General Information
Standard status
Pending
Size
1,645 SF
Total Parking Spaces
10
Lot size
0.24 Acres
Property subtype
Multifamily
Zoning
5100
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1930
Buildings
2
Stories
2
Units
3
Listing Agency:
Coldwell Banker Commercial NRT Aventura
(305) 741-2142
Listed By:
Ralph Magin · License #0188284
Source:
Crexi
Added: Dec 4, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:15AM
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 Coldwell Banker Commercial NRT Aventura
Investment Insights
Based on property information with market context.
This multifamily property includes two detached buildings with three one-bedroom units across 1,645 square feet. The improvements date to 1930 and sit on a 10,500-square-foot lot. Two units are vacant, while the third is occupied. The property is designated under zoning code 5100.
Utility infrastructure includes two electric meters and one water meter. A new drainfield was installed in 2025. The property is located at 408 NW 97th St in Miami, Florida, within the Miami Shores Area and the 33150 ZIP code.
Utility infrastructure includes two electric meters and one water meter. A new drainfield was installed in 2025. The property is located at 408 NW 97th St in Miami, Florida, within the Miami Shores Area and the 33150 ZIP code.
Key Highlights
- Three one‑bedroom units in two detached buildings
- 1,645 square feet of property improvements on a 10,500‑square‑foot lot
- Two units vacant; one unit occupied
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
$32,991
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
8.27%
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%
$659,820
$659.8K
Cap Rate 7%
$471,300
$471.3K
Cap Rate 9%
$366,567
$366.6K
Market Conditions
NOI Build-Up for 1,645 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
$50.3K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$47.1K $28.65/SF
− OpEx
−$14.1K −$8.60/SF
NOI
$33.0K $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%
$659,820
Cap Rate 7%
$471,300
Cap Rate 9%
$366,567
Alternative Uses
Best Use
Multifamily LT 5
$471.3K
$412.4K – $549.9K
NOI $32,991 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$434.1K
$379.9K – $506.5K
NOI $30,389 @ 7.0% cap · market cap 7.62%
Theoretical Best
Specialty Retail
$1.11M
$971.6K – $1.30M
NOI $77,727 @ 7.0% cap · market cap 19.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,404
Businesses Nearby
Explore this area
Business Placement
Demographics for 33150, FL
28,703
Population
12,403
Households
2.3
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
3.5 sq mi
ZIP Area
8,201
Density / Sq Mi
$40,802
Median Household Income
$32,359
Median Earnings
$1,179
Median Rent
$377,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Two detached structures provide a one-bedroom unit mix with separate electric metering and a newly installed drainfield.
Where is this triplex located?
The property is located at 408 NW 97th St Miami, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three one‑bedroom units in two detached buildings; 1,645 square feet of property improvements on a 10,500‑square‑foot lot; Two units vacant; one unit occupied
