Remodeled Duplex with Rental
New
For Sale
$799,000
2501 NW 23rd Ave, Miami, FL 33142
Residential Income, Miami, FL
Property Size2,506 SF
Price / SF$318.83
Days on Market4
Property Features for 2501 NW 23rd Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
3900
Bedrooms
5
Full bathrooms
3
Half bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 6, Bathroom 5, Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 5, Bathroom 2
Parking
4
Subdivision
EAST HAVEN
Lot features
< 1/4 Acre
Directions
Located on NW 23rd Ave, with easy access to major roads and minutes from Wynwood, Downtown Miami, Brickell, and Miami International Airport.
Special listing conditions
Real Estate Owned, In Foreclosure
Standard status
Active
APN
01-31-27-025-0590
Size
2,506 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
EASTHAVEN PB 6-106 LOT 4 BLK 3 LOT SIZE 5520 SQUARE FEET OR 11491-1353 0682 1 COC 21683-0882 09 2003 1
Tax Annual Amount
6700
Legal Description
EASTHAVEN PB 6-106 LOT 4 BLK 3 LOT SIZE 5520 SQUARE FEET OR 11491-1353 0682 1 COC 21683-0882 09 2003 1
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1925
Floors in Building
1
Flooring type
Tile - Ceramic, Laminate
Building materials
Brick
Roof type
Shingle
Listing Agency:
Keller Williams Realty International Lifestyles
(786) 615-6761
Listed By:
Maria Auxiliadora Ruiz Marrero · License #3640143
(786) 298-6667
Added: Sep 23
Changed: Sep 25
Last Checked: Sep 26 at 5:06PM
MLS# A12091273
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 2,506-square-foot duplex contains two rented residences. The larger unit has 3 bedrooms and 2 bathrooms, while the second provides 2 bedrooms and 1 bathroom. Both units have been remodeled, with the larger residence updated approximately five years ago and the second remodeled approximately two years ago. Improvements include central air conditioning, updated kitchen and bathroom plumbing, PVC line replacement from the sidewalk to the front unit, and an impact-rated front door. The property was built in 1925 and includes ceramic tile and laminate flooring.
The duplex is located at 2501 NW 23rd Ave in Miami, Florida 33142. Construction is brick, with central heating, public sewer service, and shingle roofing. The larger unit has a flat roof noted among its remodeling work, while the second unit’s shingle roof is approximately 15 years old. Both residences are currently occupied, providing an existing two-unit rental configuration.
The duplex is located at 2501 NW 23rd Ave in Miami, Florida 33142. Construction is brick, with central heating, public sewer service, and shingle roofing. The larger unit has a flat roof noted among its remodeling work, while the second unit’s shingle roof is approximately 15 years old. Both residences are currently occupied, providing an existing two-unit rental configuration.
Key Highlights
- 2,506 SF duplex with two currently rented units
- Unit mix includes 3 bedrooms and 2 bathrooms plus 2 bedrooms and 1 bathroom
- Larger residence remodeled approximately five years ago
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
$50,259
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
6.29%
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%
$1,005,180
$1.0M
Cap Rate 7%
$717,986
$718.0K
Cap Rate 9%
$558,433
$558.4K
Market Conditions
NOI Build-Up for 2,506 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
$76.7K $30.60/SF
− Vacancy
−$4.9K −$1.95/SF
EGI
$71.8K $28.65/SF
− OpEx
−$21.5K −$8.60/SF
NOI
$50.3K $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%
$1,005,180
Cap Rate 7%
$717,986
Cap Rate 9%
$558,433
Alternative Uses
Best Use
Multifamily LT 5
$718.0K
$628.2K – $837.7K
NOI $50,259 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$661.3K
$578.7K – $771.6K
NOI $46,294 @ 7.0% cap · market cap 5.79%
Theoretical Best
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,410 @ 7.0% cap · market cap 14.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,665
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences offer a mix of three-bedroom and two-bedroom layouts with central air conditioning.
Where is this duplex located?
The property is located at 2501 NW 23rd Ave Miami, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,506 SF duplex with two currently rented units; Unit mix includes 3 bedrooms and 2 bathrooms plus 2 bedrooms and 1 bathroom; Larger residence remodeled approximately five years ago
