2862 SW 38th Ct
Miami, FL 33134 · multi_family · For Sale · 180 days on market
Asking price$1,195,000
6 beds 5 baths 3,212 sqft
Suggested offer$1,170,700$24,300 above the est. market value of $1,170,700.
View on Realtor.com →Listed by Luznery Cabrera · P.U.R.E. Investments, Inc.
Typemulti_family
Built—
Price / sqft$372
Est. value (Realtor.com)$1,170,700
Rent estimate (building total, own analysis)$12,217/mo
HOANone
1 / 68
Show every detail
Statusfor_sale
Listed date2026-03-06
Removed date—
MLSMiamiMLS #A11978394
Coordinates25.73752, -80.25746
Address2862 SW 38th Ct
CityMiami
StateFL
Zip33134
Listing ID5543969499
Sourcerealtor, cached 2026-08-21
ZIP market snapshot (33134)
Typical home value (ZHVI)$887,965
Typical rent (ZORI)$3,095/mo
Zillow Research's ZHVI (home value index) and ZORI (rent index) for this ZIP, as of 2026-07 — free published data, refreshed monthly, no RentCast quota spent. "Typical value/rent" is a smoothed index, not a literal median of active listings.
Underwriting (buy-and-hold, default assumptions)
| Acquisition (one-time, not monthly/yearly) | |
| Purchase price | $1,195,000 |
| Down payment (20.0%) | $239,000 |
| Loan amount | $956,000 |
| Closing costs (5.0%) | $59,750 |
| Total cash to close | $298,750 |
| Income | |
| Rent (estimate) | $12,217$146,609 |
| Vacancy loss (8.0%) | |
| Effective gross income | $11,240$134,880 |
| Operating expenses | |
| Property tax (real MLS tax bill, from Realtor Search) | $895$10,734 |
| Insurance (placeholder 0.8% of price) | $797$9,560 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $611$7,330 |
| Total operating expenses | $2,302$27,624 |
| Net operating income (NOI) | |
| Debt service & reserves | |
| Debt service (6.66%, avg 30yr rate as of 2026-08-27, 30yr amortizing) | |
| CapEx reserve (5.0% of GSR) | $611$7,330 |
| Mortgage insurance (PMI) (0.0% of loan, not required — down payment ≥ 20%) | $0$0 |
| Cash flow |
Cap rate
Cash-on-cash
DSCR
Rent-to-price (1% rule)
Gross rent multiplier
Operating expense ratio
Break-even occupancy
Comparables
Same ZIP. Real active rental listings, used to derive the rent estimate above.
No active rental listings cached yet for this bedroom count.
Same ZIP & bedroom count. Closed sales from Realtor.com over the last 12 months, matched to this property's type — real transaction prices, not asking prices. Falls back to Miami-Dade County public records (property appraiser tax roll) when Realtor.com has no sales on file for the area.
| Address | Type | Beds | Baths | Living sqft | Sale price | Sale date |
|---|---|---|---|---|---|---|
| 135 Zamora Ave | multi_family | 6 | 6 | 3,600 | $1,900,000 | 2025-11-06 |
| 406 Valencia Ave | multi_family | 6 | 6 | 5,029 | $4,000,000 | 2025-09-19 |
| 414 Valencia Ave | multi_family | 6 | 6 | 3,900 | $4,000,000 | 2025-09-19 |
Same ZIP. Other properties currently for sale nearby — asking prices, not closed sale prices. Not a price comp; see Sold comps for actual transaction history.
| Address | Type | Beds | Baths | Sqft | Asking price | Days on market |
|---|---|---|---|---|---|---|
| 3711 SW 27th Ter | multi_family | 6 | 4 | 2,428 | $1,825,000 | — |
| 1107 Alhambra Cir | single_family | 6 | 3 | 2,965 | $1,600,000 | — |
| 1021 N Greenway Dr | single_family | 6 | 6 | 5,561 | $4,975,000 | — |
| 36 Phoenetia Ave | multi_family | 6 | 6 | 3,128 | $2,500,000 | — |
| 1253 Sorolla Ave | single_family | 6 | 7 | 6,492 | $5,992,000 | — |
| 1228 Alhambra Cir | single_family | 6 | 5 | 4,319 | $5,699,000 | — |
| 1241 Mariola Ct | single_family | 6 | 7 | 6,412 | $11,995,000 | — |
| 3300 Segovia St | multi_family | 6 | 4 | 3,129 | $3,000,000 | — |
10-year hold projection
IRR18.0%
Equity multiple3.73x
Total return (10yr)$970,711
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $1,230,850 | $107,256 | $26,203 | $945,635 | $285,215 |
| 2 | $1,267,776 | $110,612 | $29,376 | $934,558 | $333,218 |
| 3 | $1,305,809 | $114,072 | $32,648 | $922,720 | $383,088 |
| 4 | $1,344,983 | $117,639 | $36,023 | $910,070 | $434,913 |
| 5 | $1,385,333 | $121,317 | $39,503 | $896,551 | $488,782 |
| 6 | $1,426,892 | $125,109 | $43,093 | $882,103 | $544,789 |
| 7 | $1,469,699 | $129,018 | $46,795 | $866,663 | $603,036 |
| 8 | $1,513,790 | $133,049 | $50,613 | $850,164 | $663,627 |
| 9 | $1,559,204 | $137,205 | $54,551 | $832,531 | $726,673 |
| 10 | $1,605,980 | $141,489 | $58,612 | $813,687 | $792,293 |
Assumes 3.0% annual rent growth, 2.5% expense growth, 3.0% appreciation, and a 6.0% selling cost at exit — all placeholder assumptions, not market-derived.