Duplex with Corner-Lot
For Sale
$929,900
509 Sw 78th Ct, Miami, FL 33144
Two residential units feature two-bedroom, one-bath layouts with outdoor yard space.
Property Size1,888 SF
Price / SF$492.53
Days on Market117
Property Features for 509 Sw 78th Ct
General Information
Standard status
Active
Size
1,888 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
in need of some updating
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,846
Listing Agency:
Elite Ocean View Realty LLC
(786) 385-6221
Listed By:
Roberto J Rodriguez · License #3584950
(786) 385-6221
Source:
Exprealty
Added: May 8
Changed: Aug 30
Last Checked: Aug 31 at 6:15PM
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 Elite Ocean View Realty LLC
Investment Insights
Based on property information with market context.
Built in 1952, this duplex contains two residential units, each configured with two bedrooms and one bathroom. The property occupies a corner lot with an expansive yard, while the existing improvements require updating. The layout and renovation needs provide clear physical details for investors evaluating the property.
The address is 509 Southwest 78th Court in Miami, Florida 33144. Highways and shopping centers are located nearby, providing access to transportation routes and retail services.
The address is 509 Southwest 78th Court in Miami, Florida 33144. Highways and shopping centers are located nearby, providing access to transportation routes and retail services.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 bathroom
- 1,888 property‑size measurement
- Corner‑lot setting with an expansive yard
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
$37,865
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
4.07%
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%
$757,300
$757.3K
Cap Rate 7%
$540,929
$540.9K
Cap Rate 9%
$420,722
$420.7K
Market Conditions
NOI Build-Up for 1,888 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
$57.8K $30.60/SF
− Vacancy
−$3.7K −$1.95/SF
EGI
$54.1K $28.65/SF
− OpEx
−$16.2K −$8.60/SF
NOI
$37.9K $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%
$757,300
Cap Rate 7%
$540,929
Cap Rate 9%
$420,722
Alternative Uses
Best Use
Multifamily LT 5
$540.9K
$473.3K – $631.1K
NOI $37,865 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$498.3K
$436.0K – $581.3K
NOI $34,878 @ 7.0% cap · market cap 3.75%
Theoretical Best
Specialty Retail
$1.27M
$1.12M – $1.49M
NOI $89,209 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,514
Businesses Nearby
Explore this area
Business Placement
Demographics for 33144, FL
25,814
Population
9,665
Households
2.7
Avg Household Size
48
Median Age
28%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
8,327
Density / Sq Mi
$59,207
Median Household Income
$35,051
Median Earnings
$1,730
Median Rent
$440,600
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?
Duplex - Two residential units feature two-bedroom, one-bath layouts with outdoor yard space.
Where is this duplex located?
The property is located at 509 Sw 78th Ct Miami, FL.
What is the asking price?
The asking price for this property is $929,900.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 bathroom; 1,888 property‑size measurement; Corner‑lot setting with an expansive yard
