Newly Built Triplex
For Sale
$559,000
4139 Northwest 23rd Avenue, Miami, FL 33142
New 2024 triplex with two furnished 1-bedroom units and a renovated efficiency studio.
Property Size1,046 SF
Price / SF$534.42
Days on Market444
Property Features for 4139 Northwest 23rd Avenue
General Information
Standard status
Active
Size
1,046 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$6,688
Building Details
Year Built
1949
Listing Agency:
One Way Realty Group, LLC
Listed By:
Nazerke Karina · License #3590225
(305) 497-4077
Source:
Compass
Added: Jun 23, 2025
Changed: Aug 8
Last Checked: Jul 23 at 12:50PM
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 One Way Realty Group, LLC
Investment Insights
Based on property information with market context.
Newly constructed in 2024, this fully furnished triplex includes two 1BD/1BA units and one legal, renovated efficiency studio. Each unit features a 2024 mini split system, vinyl flooring, and brand new appliances. The property is equipped with hurricane-impact windows, PVC plumbing, and electric tankless water heaters. A shingle roof was installed in 2024.
The exterior includes a brand new concrete driveway that accommodates up to 6 cars. Durafence was installed in 2025, and three mature mango trees are on site.
The property is described as turnkey and ready to move in, with a cash-only sale. It’s configured to support live-in ownership while renting the remaining units.
The exterior includes a brand new concrete driveway that accommodates up to 6 cars. Durafence was installed in 2025, and three mature mango trees are on site.
The property is described as turnkey and ready to move in, with a cash-only sale. It’s configured to support live-in ownership while renting the remaining units.
Key Highlights
- New 2024 triplex with two furnished 1BD/1BA units and one legal renovated efficiency studio
- Hurricane‑impact windows plus PVC plumbing and electric tankless water heaters
- Each unit includes its own 2024 mini split system for heating and cooling
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
$20,978
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
3.75%
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%
$419,560
$419.6K
Cap Rate 7%
$299,686
$299.7K
Cap Rate 9%
$233,089
$233.1K
Market Conditions
NOI Build-Up for 1,046 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
$32.0K $30.60/SF
− Vacancy
−$2.0K −$1.95/SF
EGI
$30.0K $28.65/SF
− OpEx
−$9.0K −$8.60/SF
NOI
$21.0K $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%
$419,560
Cap Rate 7%
$299,686
Cap Rate 9%
$233,089
Alternative Uses
Best Use
Multifamily LT 5
$299.7K
$262.2K – $349.6K
NOI $20,978 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$276.0K
$241.5K – $322.1K
NOI $19,323 @ 7.0% cap · market cap 3.46%
Theoretical Best
Specialty Retail
$706.1K
$617.8K – $823.7K
NOI $49,424 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Triplex - New 2024 triplex with two furnished 1-bedroom units and a renovated efficiency studio.
Where is this triplex located?
The property is located at 4139 Northwest 23rd Avenue Miami, FL.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: New 2024 triplex with two furnished 1BD/1BA units and one legal renovated efficiency studio; Hurricane‑impact windows plus PVC plumbing and electric tankless water heaters; Each unit includes its own 2024 mini split system for heating and cooling
