Duplex Income
For Sale
$1,028,000
119 Northwest 17th Place, Miami, FL 33125
Duplex offering two 3-bedroom, 2-bath units with private entrances, yards, separate meters, and off-street parking.
Property Size2,393 SF
Price / SF$429.59
Days on Market149
Property Features for 119 Northwest 17th Place
General Information
Standard status
Active
Size
2,393 SF
Property subtype
Multi-Family Income / Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,371
Building Details
Year Built
1992
Tenancy
Multi
Listing Agency:
One Sotheby's International Realty
(305) 666-0562
Listed By:
Maria Isabel Salum · License #3338536
(305) 666-0562
Source:
Compass
Added: Mar 19
Changed: Aug 8
Last Checked: Jul 22 at 3:36PM
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 One Sotheby's International Realty
Investment Insights
Based on property information with market context.
This 2,393 SF duplex includes two separate 3-bedroom, 2-bath units. Each unit has its own private entrance, generous living areas, and a private yard. Upgrades reported include a new roof, impact doors, and remodeled bathrooms, along with some new appliances. The property also provides separate water and electric meters and washer and dryer units within each unit.
The address is 119 Northwest 17th Place in Miami, Florida, and the public remarks indicate proximity to Marlins Stadium, downtown Miami, Brickell, major highways, and shopping.
Both units are currently rented under market price, supporting an income-producing configuration for an investor or owner-operator.
The address is 119 Northwest 17th Place in Miami, Florida, and the public remarks indicate proximity to Marlins Stadium, downtown Miami, Brickell, major highways, and shopping.
Both units are currently rented under market price, supporting an income-producing configuration for an investor or owner-operator.
Key Highlights
- 2,393 SF duplex built in 1992 featuring two 3‑bedroom, 2‑bath units
- Each unit has its own private entrance and separate private yard
- Separate water and electric 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
$47,993
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
4.67%
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%
$959,860
$959.9K
Cap Rate 7%
$685,614
$685.6K
Cap Rate 9%
$533,256
$533.3K
Market Conditions
NOI Build-Up for 2,393 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
$73.2K $30.60/SF
− Vacancy
−$4.7K −$1.95/SF
EGI
$68.6K $28.65/SF
− OpEx
−$20.6K −$8.60/SF
NOI
$48.0K $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%
$959,860
Cap Rate 7%
$685,614
Cap Rate 9%
$533,256
Alternative Uses
Best Use
Multifamily LT 5
$685.6K
$599.9K – $799.9K
NOI $47,993 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$631.5K
$552.6K – $736.8K
NOI $44,207 @ 7.0% cap · market cap 4.30%
Theoretical Best
Specialty Retail
$1.62M
$1.41M – $1.88M
NOI $113,070 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,788
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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 - Duplex offering two 3-bedroom, 2-bath units with private entrances, yards, separate meters, and off-street parking.
Where is this duplex located?
The property is located at 119 Northwest 17th Place Miami, FL.
What is the asking price?
The asking price for this property is $1,028,000.
What are key features of this property?
This property features: 2,393 SF duplex built in 1992 featuring two 3‑bedroom, 2‑bath units; Each unit has its own private entrance and separate private yard; Separate water and electric meters for each unit
