Two-Unit Duplex with Separate
New
For Sale
$450,000
1120 NE 111th Street, Miami, FL 33161
Tenant-occupied duplex with stainless steel appliances, individual electric metering, and wall or window air conditioning.
Property Size1,826 SF
Price / SF$272.40
Days on Market3
Property Features for 1120 NE 111th Street
General Information
Standard status
Active
Size
1,826 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
5700
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$57,072
Taxes and HOA fees
Annual Taxes
$9,520
Amenities
stainless steel appliances
wall/window A/C units
Building Details
Building Size
1,826 SF
Year Built
1956
Stories
1
Tenancy
Multi
Listing Agency:
Borell Realty, LLC
Listed By:
Andrea Borell · License #0563436
(561) 317-7578
Source:
Laerrealty
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 5:00AM
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 Borell Realty, LLC
Investment Insights
Based on property information with market context.
This 1,652-square-foot duplex, built in 1956, contains two residential units, each configured with two bedrooms and one bathroom. Interior features include stainless steel appliances and hard-surface flooring without carpet. Wall or window air-conditioning units serve the residences, while separate electrical meters support individual utility tracking.
Both units are currently tenant-occupied. Residents are responsible for electric service, and water is paid by the landlord. The property is identified under zoning code 5700 and is located in Miami, Florida.
Both units are currently tenant-occupied. Residents are responsible for electric service, and water is paid by the landlord. The property is identified under zoning code 5700 and is located in Miami, Florida.
Key Highlights
- Two‑unit duplex with 1,652 SF of building area
- Two 2‑bedroom, 1‑bath units
- Separate electrical meters for each unit
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
$33,132
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
7.36%
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%
$662,640
$662.6K
Cap Rate 7%
$473,314
$473.3K
Cap Rate 9%
$368,133
$368.1K
Market Conditions
NOI Build-Up for 1,652 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
$50.6K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$47.3K $28.65/SF
− OpEx
−$14.2K −$8.60/SF
NOI
$33.1K $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%
$662,640
Cap Rate 7%
$473,314
Cap Rate 9%
$368,133
Alternative Uses
Best Use
Multifamily LT 5
$473.3K
$414.2K – $552.2K
NOI $33,132 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$436.0K
$381.5K – $508.6K
NOI $30,518 @ 7.0% cap · market cap 6.78%
Theoretical Best
Specialty Retail
$1.12M
$975.7K – $1.30M
NOI $78,058 @ 7.0% cap · market cap 17.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,113
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
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Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied duplex with stainless steel appliances, individual electric metering, and wall or window air conditioning.
Where is this duplex located?
The property is located at 1120 NE 111th Street Miami, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,652 SF of building area; Two 2‑bedroom, 1‑bath units; Separate electrical meters for each unit
