Triplex with Private
For Sale
$850,000
941 SW 31st Court, Miami, FL 33135
Three separately metered units feature independent parking, updated appliances, fenced outdoor areas, and month-to-month occupancy.
Property Size2,202 SF
Days on Market202
Property Features for 941 SW 31st Court
General Information
Standard status
Active
Size
2,202 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$11,682
Building Details
Building Size
2,202 SF
Year Built
1950
Listing Agency:
United Realty Group Inc
(786) 799-1379
Listed By:
Ashlie Almodovar-Collado · License #3541249
(786) 799-1379
Source:
Silverleafrealtygroup
Added: Feb 11
Changed: Aug 30
Last Checked: Aug 31 at 9:36PM
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 United Realty Group Inc
Investment Insights
Based on property information with market context.
This triplex contains 4 bedrooms and 3 full bathrooms across one 2-bedroom, 1-bathroom unit and two 1-bedroom, 1-bathroom units. Each residence has its own parking area, private patio, appliances, electrical meter, and fenced space. The property also includes new air-conditioning ducts throughout, freshly painted interiors and exteriors, and additional yard storage connected to the main house.
The main tile roof was replaced in 2025 with the necessary permits, while the tile roofs were renovated in 2020. The property is currently occupied under month-to-month leases. Located at 941 SW 31st Court in Miami, the triplex is approximately 5 minutes from the freeway on Eighth Street and 15 minutes from downtown Miami.
The main tile roof was replaced in 2025 with the necessary permits, while the tile roofs were renovated in 2020. The property is currently occupied under month-to-month leases. Located at 941 SW 31st Court in Miami, the triplex is approximately 5 minutes from the freeway on Eighth Street and 15 minutes from downtown Miami.
Key Highlights
- Triplex with 4 bedrooms and 3 full bathrooms
- Unit mix includes one 2‑bedroom, 1‑bathroom unit and two 1‑bedroom, 1‑bathroom units
- Main tile roof replaced in 2025 with the necessary permits
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
$44,162
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
5.20%
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%
$883,240
$883.2K
Cap Rate 7%
$630,886
$630.9K
Cap Rate 9%
$490,689
$490.7K
Market Conditions
NOI Build-Up for 2,202 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
$67.4K $30.60/SF
− Vacancy
−$4.3K −$1.95/SF
EGI
$63.1K $28.65/SF
− OpEx
−$18.9K −$8.60/SF
NOI
$44.2K $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%
$883,240
Cap Rate 7%
$630,886
Cap Rate 9%
$490,689
Alternative Uses
Best Use
Multifamily LT 5
$630.9K
$552.0K – $736.0K
NOI $44,162 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$581.1K
$508.5K – $678.0K
NOI $40,678 @ 7.0% cap · market cap 4.79%
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.73M
NOI $104,045 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,320
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
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 - Three separately metered units feature independent parking, updated appliances, fenced outdoor areas, and month-to-month occupancy.
Where is this triplex located?
The property is located at 941 SW 31st Court Miami, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Triplex with 4 bedrooms and 3 full bathrooms; Unit mix includes one 2‑bedroom, 1‑bathroom unit and two 1‑bedroom, 1‑bathroom units; Main tile roof replaced in 2025 with the necessary permits
