Remodeled Duplex with Two
New
For Sale
$747,500
1028 NW 24th St, Miami, FL 33127
Updated interiors feature impact windows, laminate flooring, and stainless steel appliances.
Property Size1,540 SF
Price / SF$485.39
Days on Market7
Property Features for 1028 NW 24th St
General Information
Standard status
Active
Size
1,540 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$5,933
Building Details
Building Size
1,540 SF
Year Built
1977
Listing Agency:
La Rosa Realty LLC
Listed By:
Carina Burguete · License #3468930
(305) 898-6829
Source:
Batrare
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 14 at 11:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of La Rosa Realty LLC
Investment Insights
Based on property information with market context.
This duplex at 1028 NW 24th St in Miami, Florida, was built in 1977 and has been remodeled with contemporary finishes. Each unit includes 2 bedrooms and 1 bathroom, while the property also provides a shared laundry area. Interior improvements include laminate flooring, impact windows and doors, and stainless steel appliances.
The property is positioned minutes from Wynwood, Downtown Miami, and Miami International Airport. The shared laundry space may offer the possibility of conversion into an efficiency, subject to applicable requirements and approvals.
The property is positioned minutes from Wynwood, Downtown Miami, and Miami International Airport. The shared laundry space may offer the possibility of conversion into an efficiency, subject to applicable requirements and approvals.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- Remodeled interiors with modern finishes
- Impact windows and doors
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
$30,886
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
4.13%
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%
$617,720
$617.7K
Cap Rate 7%
$441,229
$441.2K
Cap Rate 9%
$343,178
$343.2K
Market Conditions
NOI Build-Up for 1,540 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
$47.1K $30.60/SF
− Vacancy
−$3.0K −$1.95/SF
EGI
$44.1K $28.65/SF
− OpEx
−$13.2K −$8.60/SF
NOI
$30.9K $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%
$617,720
Cap Rate 7%
$441,229
Cap Rate 9%
$343,178
Alternative Uses
Best Use
Multifamily LT 5
$441.2K
$386.1K – $514.8K
NOI $30,886 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$406.4K
$355.6K – $474.2K
NOI $28,449 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$1.04M
$909.6K – $1.21M
NOI $72,766 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
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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 - Updated interiors feature impact windows, laminate flooring, and stainless steel appliances.
Where is this duplex located?
The property is located at 1028 NW 24th St Miami, FL.
What is the asking price?
The asking price for this property is $747,500.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; Remodeled interiors with modern finishes; Impact windows and doors
