Duplex with Renovated
For Sale
$685,000
1230 Northeast 148th Street, Miami, FL 33161
The property combines a fully renovated residence with a second unit in fair condition.
Property Size1,920 SF
Price / SF$356.77
Days on Market347
Property Features for 1230 Northeast 148th Street
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family Income / Duplex
Property Condition
Severity
Repairs Needed
Evidence
fair condition
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,003
Building Details
Year Built
1956
Listing Agency:
Century 21 King Realty
(305) 651-6161
Listed By:
Jacky Sainvil · License #3356202
(305) 651-6161
Source:
Compass
Added: Sep 21, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:59AM
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 Century 21 King Realty
Investment Insights
Based on property information with market context.
This duplex contains 1,920 square feet and was built in 1956. The two residences offer different physical profiles: one is a fully renovated three-bedroom, two-bath unit, while the other is a two-bedroom, one-bath unit described as being in fair condition.
The property is located at 1230 Northeast 148th Street in Miami, Florida 33161, within the unincorporated Miami-Dade County area. Its existing duplex configuration provides two separate residential units within one property, with improvements completed on one side and additional condition considerations on the other.
The property is located at 1230 Northeast 148th Street in Miami, Florida 33161, within the unincorporated Miami-Dade County area. Its existing duplex configuration provides two separate residential units within one property, with improvements completed on one side and additional condition considerations on the other.
Key Highlights
- Duplex with 1,920 square feet
- One 3/2 unit has been completely renovated
- Second unit is a 2/1 in fair condition
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
$38,507
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
5.62%
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%
$770,140
$770.1K
Cap Rate 7%
$550,100
$550.1K
Cap Rate 9%
$427,856
$427.9K
Market Conditions
NOI Build-Up for 1,920 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
$58.8K $30.60/SF
− Vacancy
−$3.7K −$1.95/SF
EGI
$55.0K $28.65/SF
− OpEx
−$16.5K −$8.60/SF
NOI
$38.5K $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%
$770,140
Cap Rate 7%
$550,100
Cap Rate 9%
$427,856
Alternative Uses
Best Use
Multifamily LT 5
$550.1K
$481.3K – $641.8K
NOI $38,507 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$506.7K
$443.4K – $591.2K
NOI $35,469 @ 7.0% cap · market cap 5.18%
Theoretical Best
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,721 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
379
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 - The property combines a fully renovated residence with a second unit in fair condition.
Where is this duplex located?
The property is located at 1230 Northeast 148th Street Miami, FL.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Duplex with 1,920 square feet; One 3/2 unit has been completely renovated; Second unit is a 2/1 in fair condition
