Turnkey Income
For Sale
$1,300,000
9415 SW 38th Street, Miami, FL 33165
Renovated triplex with three rental units and coin-operated laundry, supported by ample on-site parking.
Property Size2,612 SF
Lot Size0.24 Acres
Price / SF$497.70
Days on Market51
Property Features for 9415 SW 38th Street
General Information
Standard status
Active
Size
2,612 SF
Lot size
0.24 Acres
Property subtype
Triplex
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
Real Estate Sales Force
(305) 305-5722
Listed By:
Thomas J McDaniel · License #R11165434
(305) 305-5722
Source:
Lehmannflorida
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 29 at 9:02AM
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 Real Estate Sales Force
Investment Insights
Based on property information with market context.
This turnkey income triplex has been completely renovated and freshly painted, offering three separate residential units. The property includes a 3-bedroom/1-bath unit, a 2-bedroom/2-bath unit, and a 1-bedroom/1-bath unit. A coin-operated washing machine is also on site, providing an additional income stream.
The property is located in Westchester and accessed via SW 38th St, with convenient access to major expressways plus nearby shopping, dining, and everyday amenities. It sits on an oversized 10,500 SF lot with ample on-site parking.
Showings are by appointment only, and tenant privacy must be respected—please do not disturb occupants. Contact the listing agent for scheduling.
The property is located in Westchester and accessed via SW 38th St, with convenient access to major expressways plus nearby shopping, dining, and everyday amenities. It sits on an oversized 10,500 SF lot with ample on-site parking.
Showings are by appointment only, and tenant privacy must be respected—please do not disturb occupants. Contact the listing agent for scheduling.
Key Highlights
- Completely renovated triplex on a 10,500 SF lot with ample on‑site parking
- Three rental units: 3BD/1BA, 2BD/2BA, and 1BD/1BA residences
- Includes coin‑operated washing machine for additional tenant convenience and income
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
$52,385
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
4.03%
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%
$1,047,700
$1.0M
Cap Rate 7%
$748,357
$748.4K
Cap Rate 9%
$582,056
$582.1K
Market Conditions
NOI Build-Up for 2,612 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
$79.9K $30.60/SF
− Vacancy
−$5.1K −$1.95/SF
EGI
$74.8K $28.65/SF
− OpEx
−$22.5K −$8.60/SF
NOI
$52.4K $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%
$1,047,700
Cap Rate 7%
$748,357
Cap Rate 9%
$582,056
Alternative Uses
Best Use
Multifamily LT 5
$748.4K
$654.8K – $873.1K
NOI $52,385 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$689.3K
$603.2K – $804.2K
NOI $48,253 @ 7.0% cap · market cap 3.71%
Theoretical Best
Specialty Retail
$1.76M
$1.54M – $2.06M
NOI $123,418 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,241
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 - Renovated triplex with three rental units and coin-operated laundry, supported by ample on-site parking.
Where is this triplex located?
The property is located at 9415 SW 38th Street Miami, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Completely renovated triplex on a 10,500 SF lot with ample on‑site parking; Three rental units: 3BD/1BA, 2BD/2BA, and 1BD/1BA residences; Includes coin‑operated washing machine for additional tenant convenience and income
