Fourplex with Terrazzo
For Sale
Under Contract
$1,200,000
450 SW 9th St, Miami, FL 33130
MULTI_FAMILY - Other - Miami, FL
Property Size4,484 SF
Price / SF$267.62
Days on Market60
Property Features for 450 SW 9th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Bedrooms
10
Full bathrooms
5
Half bathrooms
1
Rooms
Bedroom 6, Bedroom 4, Bedroom 9, Bathroom 6, Bedroom 5, Bedroom 8, Bathroom 3, Bathroom 1, Bathroom 5, Bedroom 2, Bedroom 7, Bedroom 10, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 1
Parking
9
Subdivision
CITY OF MIAMI SOUTH
Lot features
< 1/4 Acre
Directions
SW 8STREET TO 5 AVE GO SOUTH ONE BLOCK TO 9 STREET AND EAST TO PROPERTY
Standard status
Active Under Contract
APN
01-02-06-070-1080
Size
4,484 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF MIAMI SOUTH PB B-41 LOT 7 BLK 67 LOT SIZE 50.000 X 150 OR 20698-0546 09 2002 4
Tax Annual Amount
16771
Legal Description
CITY OF MIAMI SOUTH PB B-41 LOT 7 BLK 67 LOT SIZE 50.000 X 150 OR 20698-0546 09 2002 4
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1975
Floors in Building
2
Flooring type
Terrazzo
Building materials
Block
Roof type
Concrete, Barrel
Architectural style
Other
Listing Agency:
Douglas Elliman
(305) 695-6060
Listed By:
Miguel Solis · License #0624178
(305) 343-9554
Added: Jun 18
Changed: Aug 16
Last Checked: Aug 16 at 8:06PM
MLS# A12037648
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 fourplex offers solid block concrete construction built in 1975, with terrazzo flooring throughout and a concrete second-floor layout. Heating is central, with electric central air cooling. The property is serviced by public water and public sewer, with cable available.
The layout includes a first-floor owner’s unit plus three upstairs units. The first-floor unit features formal living and dining rooms, a large family room, and an oversized eat-in kitchen, along with multiple bedrooms and bathrooms. The second level provides three two-bedroom, one-bath units with expansive living and dining areas.
Additional highlights include a roof described as concrete and barrel, and more than 9 parking spaces. With Central HVAC and durable interior finishes, the building is well positioned for either owner-occupancy with rental income or an investor looking for a multi-unit residential asset. Please do not disturb tenants; call the listing agent for additional information and private showings.
The layout includes a first-floor owner’s unit plus three upstairs units. The first-floor unit features formal living and dining rooms, a large family room, and an oversized eat-in kitchen, along with multiple bedrooms and bathrooms. The second level provides three two-bedroom, one-bath units with expansive living and dining areas.
Additional highlights include a roof described as concrete and barrel, and more than 9 parking spaces. With Central HVAC and durable interior finishes, the building is well positioned for either owner-occupancy with rental income or an investor looking for a multi-unit residential asset. Please do not disturb tenants; call the listing agent for additional information and private showings.
Key Highlights
- Block concrete fourplex built in 1975
- Terrazzo flooring runs throughout the building
- Central heating with electric central air 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
$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 - Fourplex built in 1975 with block concrete construction, terrazzo flooring, and Central HVAC in a Miami-Dade location.
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: Block concrete fourplex built in 1975; Terrazzo flooring runs throughout the building; Central heating with electric central air cooling
