Triplex Corner-Lot Opportunity with Four-Unit
For Sale
$1,175,000
8701 NE 8th Ct, Miami, FL 33138
MULTI_FAMILY - Miami, FL
Property Size2,664 SF
Lot Size0.28 Acres
Price / SF$441.07
Days on Market22
Property Features for 8701 NE 8th Ct
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
3100
Bedrooms
7
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 7, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3
Parking
10
Subdivision
BISCAYNE HEIGHTS
Lot features
< 1/4 Acre
Standard status
Active
APN
30-32-07-003-1390
Size
2,664 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BISCAYNE HGTS PB 2-78 S1/2 OF LOT 65 LESS E99FT LOT SIZE 103.400 X 116 OR 14747-2380 1090 4
Tax Annual Amount
10594
Legal Description
BISCAYNE HGTS PB 2-78 S1/2 OF LOT 65 LESS E99FT LOT SIZE 103.400 X 116 OR 14747-2380 1090 4
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Flooring type
Hardwood, Tile, Wood
Building materials
Block
Roof type
Shingle
Listing Agency:
Compass Florida, LLC
(305) 315-2396
Listed By:
Li Bensimon · License #3538197
(954) 309-0604
Added: Jul 22
Changed: Aug 10
Last Checked: Aug 12 at 1:06PM
MLS# A12058364
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 triplex on a corner lot features three tenant-occupied residences across separate structures, including two 3-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The site is zoned for up to four units, offering flexibility for an expanded redevelopment plan. Building systems and finishes include central heating and central air, with a block construction and a shingle roof. Flooring includes wood, hardwood, and tile, and the property is served by public water and public sewer.
The parcel is described as 11,994 SF and is located at 8701 NE 8th Ct in Miami (Miami-Dade County), FL 33138. The listing also notes proximity to Biscayne Bay and nearby beaches, waterfront parks, marinas, and the restaurants and nightlife along Biscayne Boulevard.
For buyers evaluating multifamily options with both current occupancy and development flexibility, this configuration supports either renovating the existing residences or clearing the lot for a new build up to the allowed unit count.
The parcel is described as 11,994 SF and is located at 8701 NE 8th Ct in Miami (Miami-Dade County), FL 33138. The listing also notes proximity to Biscayne Bay and nearby beaches, waterfront parks, marinas, and the restaurants and nightlife along Biscayne Boulevard.
For buyers evaluating multifamily options with both current occupancy and development flexibility, this configuration supports either renovating the existing residences or clearing the lot for a new build up to the allowed unit count.
Key Highlights
- 11,994 SF corner‑lot parcel zoned for up to four units
- Three tenant‑occupied residences across separate structures
- Unit mix: two 3‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit
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
$53,428
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
4.55%
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%
$1,068,560
$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
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
$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 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%
$1,068,560
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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,625
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three tenant-occupied residences on a corner lot with zoning for up to four units, supported by public water and sewer.
Where is this triplex located?
The property is located at 8701 NE 8th Ct 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 parcel zoned for up to four units; Three tenant‑occupied residences across separate structures; Unit mix: two 3‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit
