Renovated Duplex Near Barry
New
For Sale
$750,000
10831 NE 2nd Court, Miami, FL 33161
Two updated residences offer refreshed kitchens, bathrooms, central AC, impact windows, a new roof, and improved exterior finishes.
Property Size1,735 SF
Price / SF$461.54
Days on Market5
Property Features for 10831 NE 2nd Court
General Information
Standard status
Active
Size
1,735 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
5700
Net Operating Income
$42,555
Taxes and HOA fees
Annual Taxes
$8,145
Building Details
Building Size
1,735 SF
Year Built
1963
Stories
1
Listing Agency:
Design Realty & Management Inc
(305) 962-2376
Listed By:
Johnnie M Allen
(305) 962-2376
Source:
Laerrealty
Added: Aug 19
Changed: Aug 23
Last Checked: Aug 23 at 2:55AM
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 Design Realty & Management Inc
Investment Insights
Based on property information with market context.
This duplex contains two 2/1 residences and was built in 1963. Recent improvements include wood kitchen cabinetry with quartz countertops, updated bathrooms, new central AC units, impact windows, a new roof, a new driveway, and fresh exterior paint. The property size is 1,625, and the zoning designation is 5700.
The property is located at 10831 NE 2nd Court in Miami, Florida, approximately three blocks from Barry University. Its location also provides close proximity to major points of interest. The renovated unit configuration and broad scope of updates create a clearly defined multifamily asset with recently improved building components.
The property is located at 10831 NE 2nd Court in Miami, Florida, approximately three blocks from Barry University. Its location also provides close proximity to major points of interest. The renovated unit configuration and broad scope of updates create a clearly defined multifamily asset with recently improved building components.
Key Highlights
- Two 2/1 units within a single duplex property
- Renovated kitchens with wood cabinetry and quartz countertops
- New bathrooms, central AC units, impact windows, roof, and driveway
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
$32,590
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
4.35%
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%
$651,800
$651.8K
Cap Rate 7%
$465,571
$465.6K
Cap Rate 9%
$362,111
$362.1K
Market Conditions
NOI Build-Up for 1,625 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
$49.7K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$46.6K $28.65/SF
− OpEx
−$14.0K −$8.60/SF
NOI
$32.6K $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%
$651,800
Cap Rate 7%
$465,571
Cap Rate 9%
$362,111
Alternative Uses
Best Use
Multifamily LT 5
$465.6K
$407.4K – $543.2K
NOI $32,590 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$428.8K
$375.2K – $500.3K
NOI $30,019 @ 7.0% cap · market cap 4.00%
Theoretical Best
Specialty Retail
$1.10M
$959.8K – $1.28M
NOI $76,782 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 33161, FL
53,015
Population
18,912
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
5.5 sq mi
ZIP Area
9,639
Density / Sq Mi
$55,265
Median Household Income
$34,311
Median Earnings
$1,494
Median Rent
$376,500
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 - Two updated residences offer refreshed kitchens, bathrooms, central AC, impact windows, a new roof, and improved exterior finishes.
Where is this duplex located?
The property is located at 10831 NE 2nd Court Miami, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two 2/1 units within a single duplex property; Renovated kitchens with wood cabinetry and quartz countertops; New bathrooms, central AC units, impact windows, roof, and driveway
