Miami Triplex Near
For Sale
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2215 NW 33rd St, Miami, FL 33142
Triplex near Downtown Miami and Coconut Grove.
Property Size2,575 SF
Price / SF$337.86
Days on Market688
Property Features for 2215 NW 33rd St
General Information
Standard status
Active
Size
2,575 SF
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
5700
Building Details
Year Built
1952
Stories
2
Listing Agency:
Choice Realty of Miami Inc
(305) 595-3131
Listed By:
Yaleny Rakovsky · License #3164899
Source:
Crexi
Added: Sep 26, 2024
Changed: Aug 11
Last Checked: Aug 12 at 7:40AM
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 Choice Realty of Miami Inc
Investment Insights
Based on property information with market context.
This property is a duplex converted into a triplex. The first floor unit features 2 bedrooms and 1 bathroom. The first second unit includes 3 bedrooms and 1 bathroom. The second floor unit has 2 bedrooms and 1 bathroom. The property is located close to Downtown Miami and Coconut Grove. The property size is 2575 square feet.
Key Highlights
- Close to Downtown Miami & Coconut Grove
- Triplex Conversion
- Second Floor: 3 Bedrooms, 1 Bathroom
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
$51,643
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
5.94%
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%
$1,032,860
$1.0M
Cap Rate 7%
$737,757
$737.8K
Cap Rate 9%
$573,811
$573.8K
Market Conditions
NOI Build-Up for 2,575 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
$78.8K $30.60/SF
− Vacancy
−$5.0K −$1.95/SF
EGI
$73.8K $28.65/SF
− OpEx
−$22.1K −$8.60/SF
NOI
$51.6K $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%
$1,032,860
Cap Rate 7%
$737,757
Cap Rate 9%
$573,811
Alternative Uses
Best Use
Multifamily LT 5
$737.8K
$645.5K – $860.7K
NOI $51,643 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$679.6K
$594.6K – $792.8K
NOI $47,569 @ 7.0% cap · market cap 5.47%
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,670 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,711
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Triplex - Triplex near Downtown Miami and Coconut Grove.
Where is this triplex located?
The property is located at 2215 NW 33rd St Miami, FL.
What is the asking price?
The asking price for this property is $870,000.
What are key features of this property?
This property features: Close to Downtown Miami & Coconut Grove; Triplex Conversion; Second Floor: **3 Bedrooms, 1 Bathroom**
