Remodeled Duplex with Impact
New
For Sale
$747,500
1028 NW 24th St, Miami, FL 33127
Residential Income, Miami, FL
Property Size1,540 SF
Price / SF$485.39
Days on Market1
Property Features for 1028 NW 24th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
5700
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 2
Parking
4
Subdivision
LINCOLN PARK
Lot features
< 1/4 Acre
Standard status
Active
APN
01-31-26-052-0260
Size
1,540 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LINCOLN PARK PB 6-163 LOT 11 BLK 3 LOT SIZE 40.000 X 85 OR 13340-1875 0687 1
Tax Annual Amount
5933
Legal Description
LINCOLN PARK PB 6-163 LOT 11 BLK 3 LOT SIZE 40.000 X 85 OR 13340-1875 0687 1
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
shared laundry area
Building Details
Year built
1977
Floors in Building
1
Flooring type
Tile, Laminate
Building materials
Block
Roof type
Flat
Listing Agency:
La Rosa Realty LLC
(321) 939-3748
Listed By:
Carina Burguete · License #3468930
(305) 898-6829
Added: Sep 9
Last Checked: Sep 9 at 4:06PM
MLS# A12085953
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 1,540-square-foot duplex, built in 1977, contains two residential units with two bedrooms and one bathroom in each. The property has been remodeled with laminate and tile flooring, stainless steel appliances, impact-resistant windows and doors, and modern interior finishes. Block construction, a flat roof, central heating, and central air conditioning are also in place.
The units share a laundry area that could potentially be reconfigured as an efficiency, subject to applicable approvals. Public water and public sewer serve the property. The address is in Miami-Dade County, with access to Wynwood, Downtown Miami, and Miami International Airport described as minutes away.
The units share a laundry area that could potentially be reconfigured as an efficiency, subject to applicable approvals. Public water and public sewer serve the property. The address is in Miami-Dade County, with access to Wynwood, Downtown Miami, and Miami International Airport described as minutes away.
Key Highlights
- 1,540‑square‑foot duplex with two units
- Each unit includes 2 bedrooms and 1 bathroom
- Remodeled interiors with laminate and tile flooring
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
Lease Details
2
Residential units
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
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-unit residential property with updated interiors, central systems, and shared laundry facilities.
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: 1,540‑square‑foot duplex with two units; Each unit includes 2 bedrooms and 1 bathroom; Remodeled interiors with laminate and tile flooring
