Duplex with Expansion
For Sale
$689,000
Pending
2637 NW 23rd Ct, Miami, FL 33142
Residential Income, Miami, FL
Property Size2,003 SF
Days on Market62
Property Features for 2637 NW 23rd Ct
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
3900
Bedrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking
6
Subdivision
WESTHAVEN
Lot features
< 1/4 Acre
Standard status
Pending
APN
01-31-27-026-0311
Size
2,003 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WESTHAVEN PB 6-95 LOT 10 BLK 2 LOT SIZE 40.000 X 135 COC 26431-2604 06 2008 5
Tax Annual Amount
9426
Legal Description
WESTHAVEN PB 6-95 LOT 10 BLK 2 LOT SIZE 40.000 X 135 COC 26431-2604 06 2008 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s), Electric
Building Details
Year built
1959
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
LoKation
(954) 545-5583
Listed By:
Chabelli Gugliatto · License #3478950
(305) 793-5833
Added: Jun 29
Changed: Aug 29
Last Checked: Aug 29 at 9:06PM
MLS# A12002456
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 2,003-square-foot duplex contains two one-bedroom, one-bath units, each with a den that can be configured as an additional bedroom. Both residences are occupied. The property includes block construction, tile flooring, public sewer, shingle roofing, and a mix of window and wall-mounted cooling systems. Recent work includes exterior stucco and paint, roof improvements completed in 2025, backyard leveling with landscaping and turf, a chain-link fence, interior paint, a refrigerator, bathroom fixture updates, and a split A/C unit.
A detached CBS structure has electrical service in place, and architectural plans are available for conversion into a separate third unit. T4-R zoning allows up to 4 units, with parking for up to 6 vehicles. The property is in Miami, near Wynwood, the Design District, Brickell, and MIA Airport.
A detached CBS structure has electrical service in place, and architectural plans are available for conversion into a separate third unit. T4-R zoning allows up to 4 units, with parking for up to 6 vehicles. The property is in Miami, near Wynwood, the Design District, Brickell, and MIA Airport.
Key Highlights
- 2,003 SF duplex built in 1959
- Two 1 bedroom, 1 bathroom units with dens
- T4‑R zoning allows up to 4 units
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
$40,171
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
5.83%
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%
$803,420
$803.4K
Cap Rate 7%
$573,871
$573.9K
Cap Rate 9%
$446,344
$446.3K
Market Conditions
NOI Build-Up for 2,003 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
$61.3K $30.60/SF
− Vacancy
−$3.9K −$1.95/SF
EGI
$57.4K $28.65/SF
− OpEx
−$17.2K −$8.60/SF
NOI
$40.2K $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%
$803,420
Cap Rate 7%
$573,871
Cap Rate 9%
$446,344
Alternative Uses
Best Use
Multifamily LT 5
$573.9K
$502.1K – $669.5K
NOI $40,171 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$528.6K
$462.5K – $616.7K
NOI $37,002 @ 7.0% cap · market cap 5.37%
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.58M
NOI $94,643 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,437
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - T4-R zoning and a detached CBS structure support a possible third residential unit.
Where is this duplex located?
The property is located at 2637 NW 23rd Ct Miami, FL.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: 2,003 SF duplex built in 1959; Two 1 bedroom, 1 bathroom units with dens; T4‑R zoning allows up to 4 units
