Duplex with Separate Electric and Water
For Sale
Under Contract
$875,000
247 NW 51st Ave, Miami, FL 33126
MULTI_FAMILY - Miami, FL
Property Size1,998 SF
Price / SF$437.94
Days on Market31
Property Features for 247 NW 51st Ave
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
FLAGLER GROVE ESTATES EXT
Lot features
< 1/4 Acre
Directions
North on 51st Ave off of Flagler St. Duplex is on the East side of the Street in the middle of the second block on 51st Ave.
Standard status
Active Under Contract
APN
01-41-06-018-2810
Size
1,998 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
FLAGLER GROVE ESTS EXTEN PB 8-98 LOT 322 LOT SIZE 50.000 X 138 COC 23168-4007 11 2004 5
Tax Annual Amount
10240
Legal Description
FLAGLER GROVE ESTS EXTEN PB 8-98 LOT 322 LOT SIZE 50.000 X 138 COC 23168-4007 11 2004 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric, Ceiling Fan(s)
Building Details
Year built
1966
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
The Keyes Company
(305) 595-8166
Listed By:
Millie Doyle · License #3288927
(305) 283-3861
Added: Jul 18
Changed: Aug 14
Last Checked: Aug 17 at 6:06AM
MLS# A12033584
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 well-maintained duplex features two separate units with individual electric and water meters. Unit One offers three bedrooms and two bathrooms, while Unit Two offers two bedrooms and one bathroom. The property is built with block construction and finished with tile flooring, including central and electric heating and central air cooling with ceiling fans.
Recent improvements include a shingle roof installed in 2013, PVC pipes installed in 2013, and kitchen and bath updates completed in 2012 and 2013. The AC units were installed in 2013 and are maintained annually. Utilities include cable availability, and sewer service is provided by public sewer.
Located in Miami-Dade County and conveniently near shopping, dining, schools, and major roadways, the layout can support a range of duplex living and rental use. Each unit’s separate metering can help simplify day-to-day utility management for an owner-occupant or an investor.
Recent improvements include a shingle roof installed in 2013, PVC pipes installed in 2013, and kitchen and bath updates completed in 2012 and 2013. The AC units were installed in 2013 and are maintained annually. Utilities include cable availability, and sewer service is provided by public sewer.
Located in Miami-Dade County and conveniently near shopping, dining, schools, and major roadways, the layout can support a range of duplex living and rental use. Each unit’s separate metering can help simplify day-to-day utility management for an owner-occupant or an investor.
Key Highlights
- Duplex with two units and separate electric and water meters
- Unit One: three bedrooms and two bathrooms
- Unit Two: two bedrooms and one bathroom
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
$40,071
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
4.58%
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%
$801,420
$801.4K
Cap Rate 7%
$572,443
$572.4K
Cap Rate 9%
$445,233
$445.2K
Market Conditions
NOI Build-Up for 1,998 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
$61.1K $30.60/SF
− Vacancy
−$3.9K −$1.95/SF
EGI
$57.2K $28.65/SF
− OpEx
−$17.2K −$8.60/SF
NOI
$40.1K $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%
$801,420
Cap Rate 7%
$572,443
Cap Rate 9%
$445,233
Alternative Uses
Best Use
Multifamily LT 5
$572.4K
$500.9K – $667.9K
NOI $40,071 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$527.3K
$461.4K – $615.2K
NOI $36,910 @ 7.0% cap · market cap 4.22%
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,406 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,088
Businesses Nearby
Explore this area
Business Placement
Demographics for 33126, FL
48,751
Population
19,725
Households
2.5
Avg Household Size
44
Median Age
28%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
9,028
Density / Sq Mi
$55,722
Median Household Income
$32,607
Median Earnings
$1,651
Median Rent
$299,800
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 - Well-maintained duplex with two units and separate electric and water meters, plus recent roof, plumbing, kitchen, and HVAC updates.
Where is this duplex located?
The property is located at 247 NW 51st Ave Miami, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Duplex with two units and separate electric and water meters; Unit One: three bedrooms and two bathrooms; Unit Two: two bedrooms and one bathroom
