Renovated Fourplex in
For Sale
Contact for pricing
8321 NE Miami Ct, Miami, FL 33138
Turnkey fourplex with strong cash flow potential in Miami.
Property Size2,091 SF
Price / SF$621.71
Days on Market652
Property Features for 8321 NE Miami Ct
General Information
Standard status
Active
Size
2,091 SF
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
6101
Building Details
Year Built
2020
Listing Agency:
The Real Estate Lab, Inc.
(919) 931-7079
Listed By:
Abraham Elbaz · License #3484615
Source:
Crexi
Added: Nov 15, 2024
Changed: Aug 23
Last Checked: Aug 28 at 10:36AM
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 The Real Estate Lab, Inc.
Investment Insights
Based on property information with market context.
This is a fully renovated fourplex located in Miami. The property features three 1-bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit. The building has a new roof, impact windows, updated plumbing and electrical systems. The kitchens, bathrooms, and flooring have been modernized. All renovations were completed with permits. Each unit is equipped with separate electric meters; the owner is responsible for water. A shared laundry area is available. The property is located in a growing area of Miami and offers strong cash flow potential.
Key Highlights
- Turnkey and Income‑Producing Fourplex: Immediate cash flow with a fully renovated property.
- Fully Renovated with Permits: Ensures quality and compliance with new roof, impact windows, updated plumbing & electrical, modern kitchens, baths, and flooring.
- Located in Miami's Fastest‑Growing Area: High rental demand and potential for appreciation.
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
$41,936
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
3.23%
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%
$838,720
$838.7K
Cap Rate 7%
$599,086
$599.1K
Cap Rate 9%
$465,956
$466.0K
Market Conditions
NOI Build-Up for 2,091 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
$64.0K $30.60/SF
− Vacancy
−$4.1K −$1.95/SF
EGI
$59.9K $28.65/SF
− OpEx
−$18.0K −$8.60/SF
NOI
$41.9K $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%
$838,720
Cap Rate 7%
$599,086
Cap Rate 9%
$465,956
Alternative Uses
Best Use
Multifamily LT 5
$599.1K
$524.2K – $698.9K
NOI $41,936 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$551.8K
$482.9K – $643.8K
NOI $38,628 @ 7.0% cap · market cap 2.97%
Theoretical Best
Specialty Retail
$1.41M
$1.24M – $1.65M
NOI $98,801 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,457
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
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?
Quadplex - Turnkey fourplex with strong cash flow potential in Miami.
Where is this quadplex located?
The property is located at 8321 NE Miami Ct 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: Turnkey and Income‑Producing Fourplex: Immediate cash flow with a fully renovated property.; Fully Renovated with Permits: Ensures quality and compliance with new roof, impact windows, updated plumbing & electrical, modern kitchens, baths, and flooring.; Located in Miami's Fastest‑Growing Area: High rental demand and potential for appreciation.
