Renovated Triplex with
For Sale
$1,300,000
9415 SW 38th St, Miami, FL 33165
Residential Income, Miami, FL
Property Size2,612 SF
Lot Size0.24 Acres
Price / SF$497.70
Days on Market47
Property Features for 9415 SW 38th St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
5700
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 5
Parking
6
Subdivision
CENTRAL HGTS
Lot features
< 1/4 Acre
Standard status
Active
APN
30-40-16-000-0081
Size
2,612 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
16 54 40 .24 AC W75FT OF E180FT OF S1/2 OF S1/2 OF N1/2 OF SW1/4 OF SW1/4 LESS S25FT FOR ST LOT SIZE 75.000 X 140 OR 17459-0981 1196 1
Tax Annual Amount
10864
Legal Description
16 54 40 .24 AC W75FT OF E180FT OF S1/2 OF S1/2 OF N1/2 OF SW1/4 OF SW1/4 LESS S25FT FOR ST LOT SIZE 75.000 X 140 OR 17459-0981 1196 1
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
coin-operated washing machine
on-site parking
Building Details
Year built
1955
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
Real Estate Sales Force
(305) 392-1497
Listed By:
Thomas McDaniel · License #3251605
(305) 305-5722
Added: Jul 15
Changed: Aug 26
Last Checked: Aug 30 at 4:06PM
MLS# A12051410
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated triplex contains 2,612 square feet and is arranged as three residences: one with three bedrooms and one bathroom, another with two bedrooms and two bathrooms, and a one-bedroom, one-bath residence. The property was freshly painted and includes tile flooring, block construction, shingle roofing, central air conditioning, and electric central heating. Public water and public sewer serve the property. A coin-operated washing machine adds an on-site laundry feature and an additional income stream. The oversized 10,500-square-foot lot provides on-site parking.
Located in Miami-Dade County, the property offers access to major expressways as well as nearby shopping, dining, and everyday amenities. Showings are by appointment only, and tenant privacy is requested.
Located in Miami-Dade County, the property offers access to major expressways as well as nearby shopping, dining, and everyday amenities. Showings are by appointment only, and tenant privacy is requested.
Key Highlights
- Three‑unit layout with 3‑bedroom/1‑bath, 2‑bedroom/2‑bath, and 1‑bedroom/1‑bath residences
- 2,612 SF triplex on an oversized 10,500 SF lot
- Completely renovated and freshly painted
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
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 - Three residences provide a varied bedroom and bathroom mix, on-site parking, and a coin-operated laundry machine.
Where is this triplex located?
The property is located at 9415 SW 38th St 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: Three‑unit layout with 3‑bedroom/1‑bath, 2‑bedroom/2‑bath, and 1‑bedroom/1‑bath residences; 2,612 SF triplex on an oversized 10,500 SF lot; Completely renovated and freshly painted
