Redevelopment Opportunity Near Coral
For Sale
$600,000
Pending
4217 Southwest 2nd Terrace, Miami, FL 33134
Property with redevelopment potential, income-producing units, prime location.
Property Size1,239 SF
Days on Market80
Property Features for 4217 Southwest 2nd Terrace
General Information
Standard status
Pending
Size
1,239 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$7,306
Building Details
Year Built
1925
Listing Agency:
Sea Grove Realty
(305) 726-5818
Listed By:
Maurice Milton · License #3615378
(305) 726-5818
Source:
Compass
Added: May 26
Changed: Aug 8
Last Checked: Aug 8 at 7:32AM
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 Sea Grove Realty
Investment Insights
Based on property information with market context.
This property is offered as an 'AS-IS' sale, presenting redevelopment potential in a location near Coral Gables. It is suitable for developers or investors interested in new construction. Currently, the property includes two income-producing units, which can help offset costs while redevelopment plans and permits are underway. The front unit features 3 bedrooms, 1 bathroom, central A/C, tile floors, high ceilings, and a dedicated laundry room. The rear unit is a 1 bedroom, 1 bathroom apartment. Situated in a desirable area near shopping, dining, major roads, and Coral Gables amenities, this property offers an opportunity to acquire land in a growing neighborhood. The property size is 1239 square feet.
Key Highlights
- Prime location blocks from Coral Gables
- Exceptional redevelopment potential
- Covered land deal: Two income‑producing units offset carrying costs
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
$24,849
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
4.14%
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%
$496,980
$497.0K
Cap Rate 7%
$354,986
$355.0K
Cap Rate 9%
$276,100
$276.1K
Market Conditions
NOI Build-Up for 1,239 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
$37.9K $30.60/SF
− Vacancy
−$2.4K −$1.95/SF
EGI
$35.5K $28.65/SF
− OpEx
−$10.6K −$8.60/SF
NOI
$24.8K $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%
$496,980
Cap Rate 7%
$354,986
Cap Rate 9%
$276,100
Alternative Uses
Best Use
Multifamily LT 5
$355.0K
$310.6K – $414.2K
NOI $24,849 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$327.0K
$286.1K – $381.5K
NOI $22,889 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$836.3K
$731.8K – $975.7K
NOI $58,543 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,103
Businesses Nearby
Explore this area
Business Placement
Demographics for 33134, FL
38,739
Population
18,136
Households
2.1
Avg Household Size
46
Median Age
54%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
7,450
Density / Sq Mi
$92,009
Median Household Income
$56,392
Median Earnings
$1,818
Median Rent
$660,200
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?
Residential land & home lot - Property with redevelopment potential, income-producing units, prime location.
Where is this residential land & home lot located?
The property is located at 4217 Southwest 2nd Terrace Miami, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Prime location blocks from Coral Gables; Exceptional redevelopment potential; Covered land deal: Two income‑producing units offset carrying costs
