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    3251 23Rd Ter Miami, FL 33145
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    3251 23Rd Ter Miami, FL 33145

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    • Small apartment buildings
    Off-Market
    Property ID
    US18-9521057
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 3251 23Rd Ter

    Year built
    1956
    Property type
    Small apartment buildings

    Description

    This charming 1-story, 2-unit duplex in Miami, Florida, presents a compelling investment opportunity. Built in 1956, this property is situated at 3251 SW 23rd Ter, 33145, in the desirable Miami-Dade County, offering convenient access to Coral Gables and Coconut Grove's vibrant amenities. Its prime location provides quick access to major highways, Miami International Airport, and Downtown Miami, catering to a convenient and upscale lifestyle. The property boasts two units, with one currently occupied on a month-to-month lease. Each unit features its own laundry room with a separate washer and dryer, and individual water and electric meters. The property also includes a 5-year-old AC unit. There is no HOA. This property offers significant potential for rental income, personal use, or redevelopment, making it an attractive option for investors seeking a strong return on investment in a highly sought-after Miami neighborhood. The property is priced at $848,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.2473961
    Latitude
    25.7475207

    Comparable in this City

    • Contact for pricing

      Miami Multifamily Investment Opportunity

      Six-unit multifamily property in Miami with value-add potential.
      3191 SW 23Rd St, Miami, FL 33145
      View Details
    • New
      $1,650,000
      3,290 SF

      Renovated Multifamily in Miami's Shenandoah

      Fully renovated, 100% leased multifamily property in Miami.
      2190 SW 14Th Ter, Miami, FL 33145
      View Details
    • $1,950,000
      0.17 Acres

      Miami Multifamily Investment Opportunity

      6-unit multifamily property in prime Miami location with value-add potential.
      3191 SW 23Rd St, Miami, FL 33145
      View Details
    • New
      $2,400,000
      8,899 SF

      Multifamily Turnkey Apartment Building

      Renovated 12-unit apartment building near Coconut Grove.
      1785 SW 13Th St, Miami, FL 33145
      View Details
    • Contact for pricing

      2915 SW 24 TE, Miami, FL 33145

      Duplexes
      2915 SW 24 Te, Miami, FL 33145
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Miami Multifamily Investment Opportunity

      Six-unit multifamily property in Miami with value-add potential.
      3191 SW 23Rd St, Miami, FL 33145
      View Details
    • New
      $1,650,000
      3,290 SF

      Renovated Multifamily in Miami's Shenandoah

      Fully renovated, 100% leased multifamily property in Miami.
      2190 SW 14Th Ter, Miami, FL 33145
      View Details
    • $1,950,000
      0.17 Acres

      Miami Multifamily Investment Opportunity

      6-unit multifamily property in prime Miami location with value-add potential.
      3191 SW 23Rd St, Miami, FL 33145
      View Details
    • New
      $2,400,000
      8,899 SF

      Multifamily Turnkey Apartment Building

      Renovated 12-unit apartment building near Coconut Grove.
      1785 SW 13Th St, Miami, FL 33145
      View Details
    • Contact for pricing

      2915 SW 24 TE, Miami, FL 33145

      Duplexes
      2915 SW 24 Te, Miami, FL 33145
      View Details

    Similar Nearby for Lease

    • $1,500 /Mo

      Spacious Apartment with Split Bedrooms

      Large apartment with two master bedrooms and central AC.
      3503 SW 24Th St, Miami, FL 33145
      View Details
    • $3,500 /Mo
      Pending

      Updated Duplex Near Coral Gables

      Updated 3-bedroom duplex with modern amenities, near key locations.
      3466 SW 23Rd St, Miami, FL 33145
      View Details
    • $3,000 /Mo

      Miami Duplex with Ideal Location

      Duplex in Miami, close to restaurants and Coral Gables.
      3401 SW 23Rd St, Miami, FL 33145
      View Details
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    Miami, FL 33145
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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