Duplex with Additional
9240 SW 40th Terrace, Miami, FL 33165
For Sale
New
$849,000
Two occupied residences are complemented by a separate existing structure, with any additional use subject to county approval.
Property Size3,397 SF
Lot Size0.20 Acres
Price / SF$263.91
Days on Market2
Property Features for 9240 SW 40th Terrace
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Listing Agency:
M & M Real Estate Brokerage
Listed By:
Frank Mena
(305) 776-0971
Source:
Laerrealty
Added: Nov 12
Last Checked: Nov 12 at 2:32PM
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 M & M Real Estate Brokerage
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Investment Insights
Based on property information with market context.
This duplex property includes two tenant-occupied residences and a separate third structure. The homes are identified as 9240 and 9242: one has three bedrooms and two bathrooms, while the other has three bedrooms and one bathroom. The property was built in 1958 and occupies an 8,800-square-foot lot. County approval is required for any additional residential use of the existing structure, including an accessory dwelling unit or in-law quarters. A conceptual renovation plan based on county permit records is available; the associated renderings depict a proposed design, not the current condition.
The property is near Bird Road shopping, Olympia Heights Elementary, and the Palmetto Expressway, with Coral Gables and FIU described as minutes away. Showings are by appointment, and tenants are not to be disturbed.
The property is near Bird Road shopping, Olympia Heights Elementary, and the Palmetto Expressway, with Coral Gables and FIU described as minutes away. Showings are by appointment, and tenants are not to be disturbed.
Key Highlights
- Two tenant‑occupied residences: one with 3 bedrooms and 2 bathrooms, the other with 3 bedrooms and 1 bathroom
- Existing third structure; an ADU or in‑law quarters would require Miami‑Dade approval
- 8,800 sq ft lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,519
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,290,380
$1.3M
Cap Rate 7%
$921,700
$921.7K
Cap Rate 9%
$716,878
$716.9K
Market Conditions
NOI Build-Up for 3,217 SF
Gross rent
$98.4K $30.60/SF
− Vacancy
−$6.3K −$1.95/SF
EGI
$92.2K $28.65/SF
− OpEx
−$27.7K −$8.60/SF
NOI
$64.5K $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%
$1,290,380
Cap Rate 7%
$921,700
Cap Rate 9%
$716,878
Alternative Uses
Best Use
Multifamily LT 5
$921.7K
$806.5K – $1.08M
NOI $64,519 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$849.0K
$742.9K – $990.5K
NOI $59,429 @ 7.0% cap · market cap 7.00%
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $152,005 @ 7.0% cap · market cap 17.90%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,337
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
$476,100
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Miami, FL
Properties on Market for Duplexes in Miami
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences are complemented by a separate existing structure, with any additional use subject to county approval.
Where is this duplex located?
The property is located at 9240 SW 40th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two tenant‑occupied residences: one with 3 bedrooms and 2 bathrooms, the other with 3 bedrooms and 1 bathroom; Existing third structure; an ADU or in‑law quarters would require Miami‑Dade approval; 8,800 sq ft lot
