Renovated Duplex with Vacant
For Sale
$585,000
Pending
1490/1492 NW 38th St, Miami, FL 33142
MULTI_FAMILY - Miami, FL
Property Size1,840 SF
Lot Size0.11 Acres
Days on Market31
Property Features for 1490/1492 NW 38th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
5700
Bedrooms
5
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 1
Parking
4
Subdivision
CORDOVA PARK
Lot features
< 1/4 Acre
Standard status
Pending
APN
01-31-23-034-0400
Size
1,840 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CORDOVA PARK PB 7-92 LOT 23 BLK 2 LOT SIZE 50.000 X 100 OR 17042-0652-0658 1295 4
Tax Annual Amount
6958
Legal Description
CORDOVA PARK PB 7-92 LOT 23 BLK 2 LOT SIZE 50.000 X 100 OR 17042-0652-0658 1295 4
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Zoned
Building Details
Year built
1946
Floors in Building
1
Building materials
Block
Roof type
Shingle
Listing Agency:
Keller Williams Elite Properties · Keller Williams Realty
(305) 931-2224
Listed By:
Bernard Phanord · License #3386248
(786) 352-7014
Added: Jul 18
Changed: Aug 14
Last Checked: Aug 17 at 10:06AM
MLS# A11972427
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 duplex offers two separate units within a block-built structure, with zoned heating and cooling throughout. The property is described as being delivered vacant upon closing, providing flexibility for an end user or tenant-ready conversion. The first unit is a 1BR/1BA, and it includes wall unit AC plus central AC. The second unit is a 4BR/2BA, and the layout is described as allowing for custom modification.
The duplex sits on a 5,000 square foot lot, with the overall property size listed as 1,840 square feet. The roof is shingle, and the home is connected to public sewer.
Built in 1946, this duplex is positioned for residential income use in Miami-Dade County.
The duplex sits on a 5,000 square foot lot, with the overall property size listed as 1,840 square feet. The roof is shingle, and the home is connected to public sewer.
Built in 1946, this duplex is positioned for residential income use in Miami-Dade County.
Key Highlights
- 5,000 square foot lot with renovated duplex delivered vacant upon closing
- Overall property size of 1,840 square feet
- First unit: 1BR/1BA with wall unit AC and central AC
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
$36,902
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
6.31%
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%
$738,040
$738.0K
Cap Rate 7%
$527,171
$527.2K
Cap Rate 9%
$410,022
$410.0K
Market Conditions
NOI Build-Up for 1,840 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
$56.3K $30.60/SF
− Vacancy
−$3.6K −$1.95/SF
EGI
$52.7K $28.65/SF
− OpEx
−$15.8K −$8.60/SF
NOI
$36.9K $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%
$738,040
Cap Rate 7%
$527,171
Cap Rate 9%
$410,022
Alternative Uses
Best Use
Multifamily LT 5
$527.2K
$461.3K – $615.0K
NOI $36,902 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$485.6K
$424.9K – $566.5K
NOI $33,991 @ 7.0% cap · market cap 5.81%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,941 @ 7.0% cap · market cap 14.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Duplex - Duplex with two renovated units, delivered vacant at closing, with zoned heating and cooling and block construction.
Where is this duplex located?
The property is located at 1490/1492 NW 38th St Miami, FL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 5,000 square foot lot with renovated duplex delivered vacant upon closing; Overall property size of 1,840 square feet; First unit: 1BR/1BA with wall unit AC and central AC
