Modern Duplex in Prime
For Sale
$880,000
11515 NE 12th Ave, Miami, FL 33161
Luxury duplex with potential for additional unit and high income.
Property Size2,331 SF
Lot Size8,428.00 Acres
Price / SF$377.52
Days on Market224
Property Features for 11515 NE 12th Ave
General Information
Standard status
Active
Size
2,331 SF
Lot size
8,428.00 Acres
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$12,111
Building Details
Building Size
2,331 SF
Year Built
1960
Listing Agency:
Beachfront Realty Inc
Listed By:
Monica Urrutia Juri · License #3196450
Source:
Casacollectiongroup
Added: Jan 27
Changed: Sep 8
Last Checked: Sep 8 at 5:01AM
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 Beachfront Realty Inc
Investment Insights
Based on property information with market context.
This modern duplex features a total of 6 bedrooms and 2 bathrooms, with each unit containing 3 bedrooms and 1 bathroom. Situated in a strategic location, the property includes a unique basement that offers the potential for conversion into an additional unit. The building has 2,569 square feet of construction on a large 8,428 square foot lot. The property has been renovated throughout and includes impact windows and central air conditioning, along with updated electrical systems. The open kitchen features a bar, family room, and private yard with fruit trees. The property is located 3 blocks from Biscayne Park and Miami Shores, and is in close proximity to the Biscayne corridor and Whole Foods. Both units are currently rented. Unit 11515 is rented for $2800 with the lease expiring in December 2026, and Unit 11517 is rented for $3100 with the lease also expiring in December 2026. The property has the potential to generate $8000 monthly if rented short term.
Key Highlights
- Duplex with two 3‑bedroom, 1‑bathroom units, offering immediate rental income potential.
- Large 8,428 sq ft lot with 2,569 sq ft of construction and potential for expansion or additional unit in the basement.
- Completely renovated with impact windows, central A/C, and new electrical system.
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
$46,749
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
5.31%
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%
$934,980
$935.0K
Cap Rate 7%
$667,843
$667.8K
Cap Rate 9%
$519,433
$519.4K
Market Conditions
NOI Build-Up for 2,331 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
$71.3K $30.60/SF
− Vacancy
−$4.5K −$1.95/SF
EGI
$66.8K $28.65/SF
− OpEx
−$20.0K −$8.60/SF
NOI
$46.7K $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%
$934,980
Cap Rate 7%
$667,843
Cap Rate 9%
$519,433
Alternative Uses
Best Use
Multifamily LT 5
$667.8K
$584.4K – $779.2K
NOI $46,749 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$615.2K
$538.3K – $717.7K
NOI $43,061 @ 7.0% cap · market cap 4.89%
Theoretical Best
Specialty Retail
$1.57M
$1.38M – $1.84M
NOI $110,141 @ 7.0% cap · market cap 12.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,783
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 - Luxury duplex with potential for additional unit and high income.
Where is this duplex located?
The property is located at 11515 NE 12th Ave Miami, FL.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Duplex with two 3‑bedroom, 1‑bathroom units, offering immediate rental income potential.; Large 8,428 sq ft lot with 2,569 sq ft of construction and potential for expansion or additional unit in the basement.; Completely renovated with **impact windows, central A/C, and new electrical system.**
