New Construction
For Sale
$785,000
Pending
2109 NW 65 ST, Miami, FL 33147
Residential Income, Unincorporated Dade, FL
Property Size2,300 SF
Days on Market39
Property Features for 2109 NW 65 ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
5700
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 6, Bathroom 1, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 5, Bedroom 1
Parking
4
Subdivision
ORANGE RIDGE
Lot features
< 1/4 Acre
Standard status
Pending
APN
30-31-15-020-0495
Size
2,300 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
ORANGE RIDGE PB 4-129 LOT 11 BLK 15 LOT SIZE 6950 SQFT M/L OR 18764-0348/0349 0399 4 FAU 30-3115-020-0500
Tax Annual Amount
4088
Legal Description
ORANGE RIDGE PB 4-129 LOT 11 BLK 15 LOT SIZE 6950 SQFT M/L OR 18764-0348/0349 0399 4 FAU 30-3115-020-0500
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
laundry closet
Building Details
Year built
2026
Floors in Building
2
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Listing Agency:
Keller Williams Eagle Realty · Keller Williams Realty
(305) 757-1700
Listed By:
Ivan Rabinovich · License #3276152
(305) 803-0894
Added: Aug 5
Changed: Sep 11
Last Checked: Sep 12 at 3:06PM
MLS# A12062417
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 under-construction duplex contains 2,300 square feet arranged as two three-bedroom, two-bathroom residences. Each unit includes modern finishes, a tankless water heater, a laundry closet, ceramic tile flooring, central heating and central air, plus new stainless steel appliances. The block-built property is scheduled for completion in 2026 and has a shingle roof, impact windows, and public water and sewer service.
Each residence is allocated two parking spaces. Airbnb and short-term rental use is approved, supporting a range of occupancy strategies. The property is located minutes from Brickell, Downtown, Wynwood, and Miami Beach.
Each residence is allocated two parking spaces. Airbnb and short-term rental use is approved, supporting a range of occupancy strategies. The property is located minutes from Brickell, Downtown, Wynwood, and Miami Beach.
Key Highlights
- Two 3‑bedroom/2‑bathroom units within a 2,300‑square‑foot duplex
- Airbnb and short‑term rental use approved
- 2 parking spaces per unit
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
$46,128
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
5.88%
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%
$922,560
$922.6K
Cap Rate 7%
$658,971
$659.0K
Cap Rate 9%
$512,533
$512.5K
Market Conditions
NOI Build-Up for 2,300 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
$70.4K $30.60/SF
− Vacancy
−$4.5K −$1.95/SF
EGI
$65.9K $28.65/SF
− OpEx
−$19.8K −$8.60/SF
NOI
$46.1K $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%
$922,560
Cap Rate 7%
$658,971
Cap Rate 9%
$512,533
Alternative Uses
Best Use
Multifamily LT 5
$659.0K
$576.6K – $768.8K
NOI $46,128 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$607.0K
$531.1K – $708.2K
NOI $42,489 @ 7.0% cap · market cap 5.41%
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,676 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,193
Businesses Nearby
Explore this area
Business Placement
Demographics for 33147, FL
48,823
Population
16,220
Households
3
Avg Household Size
39
Median Age
15%
College-Educated
77%
High-School Grad
7.2 sq mi
ZIP Area
6,781
Density / Sq Mi
$47,728
Median Household Income
$33,385
Median Earnings
$1,359
Median Rent
$301,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Airbnb and short-term rental use is approved, with parking provided for both units.
Where is this duplex located?
The property is located at 2109 NW 65 ST Miami, FL.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Two 3‑bedroom/2‑bathroom units within a 2,300‑square‑foot duplex; Airbnb and short‑term rental use approved; 2 parking spaces per unit
