Concrete Fourplex with Large
For Sale
$1,200,000
450 SW 9th St, Miami, FL 33130
Four residential units include a first-floor owner’s residence and three upstairs apartments.
Property Size4,484 SF
Days on Market75
Property Features for 450 SW 9th St
General Information
Standard status
Active
Size
4,484 SF
Property subtype
Investment
Units
Unit Mix
1 x 4BR/2.5BA, 3 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$16,771
Building Details
Building Size
4,484 SF
Year Built
1975
Buildings
1
Stories
2
Construction
concrete
Listing Agency:
Douglas Elliman
(305) 343-9554
Listed By:
Miguel Solis PA · License #0624178
(305) 343-9554
Source:
Elliman
Added: Jun 17
Changed: Aug 30
Last Checked: Jun 19 at 4:28AM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
Built in 1975, this 4,484-square-foot fourplex contains a first-floor owner’s residence with 4 bedrooms, 2.5 bathrooms, formal living and dining rooms, a family room, and an eat-in kitchen. The upper level adds three 2-bedroom, 1-bath apartments with substantial living and dining areas. Concrete construction, a concrete second floor, and terrazzo flooring are among the building’s physical features. The property also provides more than 9 parking spaces.
Located at 450 SW 9th St in Miami, the property is in the West Brickell area, south of Calle Ocho. Brickell, Downtown Miami, Coral Gables, and major transportation corridors are described as minutes away. Zoning is listed as 3900.
Located at 450 SW 9th St in Miami, the property is in the West Brickell area, south of Calle Ocho. Brickell, Downtown Miami, Coral Gables, and major transportation corridors are described as minutes away. Zoning is listed as 3900.
Key Highlights
- 4,484 SF fourplex built in 1975
- Unit mix includes one 4‑bedroom, 2.5‑bath residence and three 2‑bedroom, 1‑bath apartments
- Concrete construction with a concrete second floor
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
$89,929
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
7.49%
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%
$1,798,580
$1.8M
Cap Rate 7%
$1,284,700
$1.3M
Cap Rate 9%
$999,211
$999.2K
Market Conditions
NOI Build-Up for 4,484 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
$137.2K $30.60/SF
− Vacancy
−$8.7K −$1.95/SF
EGI
$128.5K $28.65/SF
− OpEx
−$38.5K −$8.60/SF
NOI
$89.9K $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%
$1,798,580
Cap Rate 7%
$1,284,700
Cap Rate 9%
$999,211
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.50M
NOI $89,929 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$1.18M
$1.04M – $1.38M
NOI $82,835 @ 7.0% cap · market cap 6.90%
Theoretical Best
Specialty Retail
$3.03M
$2.65M – $3.53M
NOI $211,871 @ 7.0% cap · market cap 17.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
14,203
Businesses Nearby
Explore this area
Business Placement
Demographics for 33130, FL
35,609
Population
20,377
Households
1.7
Avg Household Size
36
Median Age
42%
College-Educated
81%
High-School Grad
1.1 sq mi
ZIP Area
32,372
Density / Sq Mi
$57,933
Median Household Income
$36,888
Median Earnings
$1,656
Median Rent
$479,800
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?
Quadplex - Four residential units include a first-floor owner’s residence and three upstairs apartments.
Where is this quadplex located?
The property is located at 450 SW 9th St Miami, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,484 SF fourplex built in 1975; Unit mix includes one 4‑bedroom, 2.5‑bath residence and three 2‑bedroom, 1‑bath apartments; Concrete construction with a concrete second floor
