Renovated Duplex with Studio
For Sale
$974,900
9007 SW 38th St, Miami, FL 33165
Fully renovated duplex with two 2BR/2BA units plus an additional furnished studio; gated with private patios.
Property Size1,686 SF
Days on Market189
Property Features for 9007 SW 38th St
General Information
Standard status
Active
Size
1,686 SF
Property subtype
Duplex
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,662
Building Details
Building Size
1,686 SF
Year Built
1970
Listing Agency:
Mia Realty, Corp.
Listed By:
Jorge De Pina Jr. · License #3244428
(305) 987-5966
Source:
Marcelosteinmander
Added: Feb 28
Changed: Sep 4
Last Checked: Sep 5 at 7:52AM
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 Mia Realty, Corp.
Investment Insights
Based on property information with market context.
Turnkey renovated multifamily property featuring a duplex configuration with two 2 bedroom, 2 bathroom units, plus an additional fully furnished studio apartment. The two main units have modern finishes and separate private outdoor space. The property also includes a brand-new roof and impact-resistant windows throughout.
The building is located in Westchester, described as family-friendly, and offers convenient access to major highways, Coral Gables, FIU, and Miami’s amenities. The property is gated, and each unit has an independent private patio, providing outdoor space without shared areas. Please contact the broker to schedule a private showing.
The building is located in Westchester, described as family-friendly, and offers convenient access to major highways, Coral Gables, FIU, and Miami’s amenities. The property is gated, and each unit has an independent private patio, providing outdoor space without shared areas. Please contact the broker to schedule a private showing.
Key Highlights
- Fully renovated duplex with two 2BR/2BA units plus an additional furnished studio apartment
- Brand‑new roof and impact‑resistant windows throughout
- Gated property with independent private patios for each unit (no shared patio spaces)
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
$33,814
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
3.47%
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%
$676,280
$676.3K
Cap Rate 7%
$483,057
$483.1K
Cap Rate 9%
$375,711
$375.7K
Market Conditions
NOI Build-Up for 1,686 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
$51.6K $30.60/SF
− Vacancy
−$3.3K −$1.95/SF
EGI
$48.3K $28.65/SF
− OpEx
−$14.5K −$8.60/SF
NOI
$33.8K $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%
$676,280
Cap Rate 7%
$483,057
Cap Rate 9%
$375,711
Alternative Uses
Best Use
Multifamily LT 5
$483.1K
$422.7K – $563.6K
NOI $33,814 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$444.9K
$389.3K – $519.1K
NOI $31,146 @ 7.0% cap · market cap 3.19%
Theoretical Best
Specialty Retail
$1.14M
$995.8K – $1.33M
NOI $79,664 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,336
Businesses Nearby
Explore this area
Business Placement
Demographics for 33165, FL
54,070
Population
17,813
Households
3
Avg Household Size
47
Median Age
28%
College-Educated
82%
High-School Grad
7.5 sq mi
ZIP Area
7,209
Density / Sq Mi
$84,086
Median Household Income
$41,657
Median Earnings
$1,796
Median Rent
$476,100
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 - Fully renovated duplex with two 2BR/2BA units plus an additional furnished studio; gated with private patios.
Where is this triplex located?
The property is located at 9007 SW 38th St Miami, FL.
What is the asking price?
The asking price for this property is $974,900.
What are key features of this property?
This property features: Fully renovated duplex with two 2BR/2BA units plus an additional furnished studio apartment; Brand‑new roof and impact‑resistant windows throughout; Gated property with independent private patios for each unit (no shared patio spaces)
