Corner-Lot Income Triplex
For Sale
$1,175,000
8701 NE 8th Court, Miami, FL 33138
Triplex on a corner lot with three tenant-occupied residences and zoning for up to four units.
Property Size2,664 SF
Lot Size0.28 Acres
Price / SF$441.07
Days on Market102
Property Features for 8701 NE 8th Court
General Information
Standard status
Active
Size
2,664 SF
Lot size
0.28 Acres
Property subtype
Triplex
Site & Location
Neighborhood
Shorecrest
Additional Details
Multifamily Units
3
Building Details
Year Built
1940
Tenancy
Multi
Listing Agency:
Compass Florida, LLC
(305) 315-2396
Listed By:
Li Bensimon · License #3538197
(954) 309-0604
Source:
Lehmannflorida
Added: Jul 22
Changed: Oct 31
Last Checked: Oct 30 at 4:34PM
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 Compass Florida, LLC
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Investment Insights
Based on property information with market context.
Corner-lot income property in Shore Crest featuring three tenant-occupied residences across separate structures. The current setup includes two 3-bedroom/1-bath units and one 1-bedroom/1-bath unit. The property is described as zoned for up to four units, providing flexibility for additional development.
The three existing units are currently generating $72,000 in annual income. The offering also presents options to renovate the existing residences for improved returns or to clear the lot and build new, subject to zoning and approvals.
The parcel is positioned just minutes from Biscayne Bay, with access to waterfront parks, marinas, and dining and nightlife along Biscayne Boulevard, along with Downtown Miami and the Design District within a short drive.
The three existing units are currently generating $72,000 in annual income. The offering also presents options to renovate the existing residences for improved returns or to clear the lot and build new, subject to zoning and approvals.
The parcel is positioned just minutes from Biscayne Bay, with access to waterfront parks, marinas, and dining and nightlife along Biscayne Boulevard, along with Downtown Miami and the Design District within a short drive.
Key Highlights
- 11,994 SF corner lot with zoning allowing up to four units
- Triplex configuration with three tenant‑occupied residences in separate structures
- Two 3‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,428
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,068,560
$1.1M
Cap Rate 7%
$763,257
$763.3K
Cap Rate 9%
$593,644
$593.6K
Market Conditions
NOI Build-Up for 2,664 SF
Gross rent
$81.5K $30.60/SF
− Vacancy
−$5.2K −$1.95/SF
EGI
$76.3K $28.65/SF
− OpEx
−$22.9K −$8.60/SF
NOI
$53.4K $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 Rate 5%
$1,068,560
Cap Rate 7%
$763,257
Cap Rate 9%
$593,644
Alternative Uses
Best Use
Multifamily LT 5
$763.3K
$667.9K – $890.5K
NOI $53,428 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$703.0K
$615.2K – $820.2K
NOI $49,213 @ 7.0% cap · market cap 4.19%
Theoretical Best
Specialty Retail
$1.80M
$1.57M – $2.10M
NOI $125,875 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,625
Businesses Nearby
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Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Triplex on a corner lot with three tenant-occupied residences and zoning for up to four units.
Where is this triplex located?
The property is located at 8701 NE 8th Court Miami, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 11,994 SF corner lot with zoning allowing up to four units; Triplex configuration with three tenant‑occupied residences in separate structures; Two 3‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit
