450 SW 9th St · Miami, FL 33130

$1,200,000

9 bd · 5.0 ba · 4,484 sqft · MultiFamily public records · 6 Days on market

Built 1975

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Appreciation +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Amazing Fourplex in the heart of Miami's highly desirable West Brickell area, just south of Calle Ocho. Custom-built in 1975, this solid concrete construction property features exceptionally large units rarely found in today's market. The spacious owner's unit on the first floor offers approximately 2,000 SF with 4 bedrooms, 2.5 bathrooms, formal living and dining rooms, a large family room, and an oversized eat-in kitchen. Upstairs are three generously sized 2-bedroom, 1-bath units, each with expansive living and dining areas. Original terrazzo flooring runs throughout the building, and the second floor is constructed entirely of concrete. The property offers more than 9 parking spaces and

Key facts

• 9 parking spots
• Built 1975
• Listed 5 days

Tags

• SOLID CONCRETE CONSTRUCTION
• ORIGINAL TERRAZZO FLOORING
• MORE THAN 9 PARKING SPACES
• MINUTES FROM BRICKELL
• MINUTES FROM DOWNTOWN MIAMI
• MINUTES FROM CORAL GABLES

Property features AI

Finance

• Financial info: Units are rented month-to-month; Listed unit rents shown (examples): $1,350; $1,600; $1,650; $2,300; Rent includes trash collection and water

Exterior

• Parking: Total of 9 parking spaces; Parking spaces assigned to units
• Security: Security grill work on some units
• Utilities: Public water; Public sewer; Cable available
• Home design: Two-story building; Resale property; Barrel and concrete roofing
• Construction: Block construction
• Exterior features: Less than quarter acre lot

Interior

• Kitchen: Kitchens in units; Ranges (stoves); Refrigerators
• Bedrooms: Multiple 2-bedroom units; One 4-bedroom unit
• Flooring: Terrazzo
• Bathrooms: Multiple 1-bathroom units; One unit with 3 bathrooms (2 full, 1 half)
• Heating & cooling: Central heating; Central air conditioning (electric)
• Interior features: Impact glass windows; Terrazzo flooring
• Laundry & utility: Electric meters for individual units

What this means for you Summary

Snapshot

• This is a 1×4.0bd/2.5ba + 3×2.0bd/1.0ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.20M).
• Cap rate 12.8% vs local median 1.9% in Miami — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, cost of living F.
• Miami-Dade (suburban): math 45% / reading 54% proficiency, ranked #40 of 73 in FL (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.5%/yr); 642 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $18,551/mo this rent would consume 365% of the median local household income ($61k/yr) (locally 5231% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-1.8%/yr); year-one equity from $8k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-1.8% appreciation + 0.0% rent growth), your $336k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,200,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 12.84%
• Cash-on-cash: 23.38%
• DSCR: 2.04
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.79% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 1.69×
• Total profit: $230,236
• Equity at exit: $244,837

10-year hold

• IRR: 20.9%
• Equity multiple: 2.74×
• Total profit: $583,785
• Equity at exit: $220,577

Cash invested: $336,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33130

• Home prices YoY: -0.5%
• Rents YoY: -0.5%
• Active inventory: 642
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $18,551 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$1,316 /mo · $15,794/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,896
• Net cashflow: $6,546

Break-even live

Break-even rent $10,265

Max offer price $1,200,000

Occupancy floor 60%

Sensitivity live

Price	-10% $7,225	-5% $6,886	+0% $6,546	+5% $6,207	+10% $5,867
Rent	-10% $5,081	-5% $5,813	+0% $6,546	+5% $7,279	+10% $8,012
Rate	-1.0pp $7,150	-0.5pp $6,851	base $6,546	+0.5pp $6,235	+1.0pp $5,919

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4.0	2.5	$5,512
▸ 3× units	2.0	1	$13,038
Total (4 units)			$18,551

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-21
   statusdays on market $1,200,000 Active Under Contract 6 DOM
2. 2026-06-18
   days on market $1,200,000 Active 3 DOM
3. 2026-06-17
   days on market $1,200,000 Active 2 DOM
4. 2026-06-16
   remarks 699-char remark
5. 2026-06-16
   listed $1,200,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $15,794 · $1,316/mo
• Projected year-2 tax: $15,794 · $1,316/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥103°F today · 32 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $222,612
• − Mortgage interest: −$67,219
• − Property taxes: −$15,794
• − Insurance: −$6,000
• − Repairs & maintenance: −$17,809
• − Management: −$17,809
• − Depreciation: −$34,909
• Taxable income: $63,072
• Est. tax owed @ 24.0%: −$15,137
• After-tax cash flow: $63,417/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Miami-Dade
• NCES district ID: 1200390
• Math proficiency: 45% ▼ -16.00%
• Reading proficiency: 54% ▼ -5.00%
• Median HH income: $43,928
• Composite: 41.76/100
• National rank: #3397
• State rank: #40 of 73 in FL

Livability — Miami

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing B- Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 34,964
• Household income: $61,009
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 5231.0

Population outlook (Miami-Dade County) Hauer SSP2

• Today (2025): 3,126,439 people
• By 2030: 3,325,765 · +6.4%
• By 2040: 3,697,561 · +18.3%
• By 2050: 4,012,134 · +28.3%
• By 2075: 4,605,612 · +47.3%
• By 2100: 4,866,598 · +55.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (73%)
• Race & ethnicity: Hispanic / Latino 73% Two or more races 44% White 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 24% Dominican 4%
• Common ancestry: Romanian 2% Estonian 1% Lithuanian 1%
• Foreign-born: 60% · Canada, Jamaica, Guatemala
• Languages at home: 23% English-only · Spanish 70% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Miami-Dade

• 2024 margin: R (+11.4) · D 43.9% · R 55.4%
• 2008→2024 swing: -27.6pp toward R · 2008: 16.1pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: D+7.3 2016: D+29.6 2012: D+23.7 2008: D+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.79%
• Current HPI: 344.7752
• Rent YoY: ▼ -0.53%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

1 event — show timeline

• 2026-06-15 Listed $1,200,000 MARMLS

Property tax history

+6.3%/yr

Latest (2025): $15,794 · +16.1% YoY. Source: county tax records.