Miami Gardens Duplex
For Sale
Contact for pricing
Pending
15741 NW 38th Pl, Miami Gardens, FL 33054
Centrally located duplex with remodeled units and large lot.
Property Size2,029 SF
Lot Size0.21 Acres
Days on Market585
Property Features for 15741 NW 38th Pl
General Information
Standard status
Pending
Size
2,029 SF
Total Parking Spaces
6
Lot size
0.21 Acres
Property subtype
Multifamily
Zoning
5700
Building Details
Year Built
1958
Listing Agency:
Brickell First Invest Realty
(305) 206-1960
Listed By:
Genie Martinez · License #0056154
Source:
Crexi
Added: Jan 8, 2025
Changed: Aug 8
Last Checked: Jul 24 at 11:57AM
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 Brickell First Invest Realty
Investment Insights
Based on property information with market context.
This centrally located duplex in Miami Gardens presents an excellent investor opportunity. Each side features 2 bedrooms and 1 bathroom. The property has been completely remodeled with new kitchens and bathrooms. It features white ceramic flooring throughout. A relatively new A/C and roof, approximately 4 years old, are in place. The property includes separate electric meters for each unit. Situated on a large 9000 sqft lot, the property boasts a big, fenced backyard and ample parking space. Each side has its own utilities room. The location provides quick access to the expressway, shops, and restaurants, and is near Hard Rock Stadium, St. Thomas University, and Florida Memorial University. The property offers great rental income potential.
Key Highlights
- Duplex: Offers immediate rental income potential.
- Centrally Located: Close to expressway, shops, restaurants, Hard Rock Stadium, and universities.
- Remodeled: Enjoy the benefits of new kitchens and baths.
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
$28,961
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
4.17%
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%
$579,220
$579.2K
Cap Rate 7%
$413,729
$413.7K
Cap Rate 9%
$321,789
$321.8K
Market Conditions
NOI Build-Up for 2,029 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
$42.6K $21.00/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$41.4K $20.39/SF
− OpEx
−$12.4K −$6.12/SF
NOI
$29.0K $14.27/SF
Area
Miami Gardens, FL
Vacancy
2.90%
Lease Rate
$21.00 /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%
$579,220
Cap Rate 7%
$413,729
Cap Rate 9%
$321,789
Alternative Uses
Best Use
Multifamily LT 5
$413.7K
$362.0K – $482.7K
NOI $28,961 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$385.4K
$337.2K – $449.7K
NOI $26,979 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$604.1K
$528.6K – $704.7K
NOI $42,284 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
Explore this area
Business Placement
Demographics for 33054, FL
30,352
Population
10,263
Households
3
Avg Household Size
37
Median Age
10%
College-Educated
75%
High-School Grad
8.4 sq mi
ZIP Area
3,613
Density / Sq Mi
$42,779
Median Household Income
$31,147
Median Earnings
$1,346
Median Rent
$291,700
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 - Centrally located duplex with remodeled units and large lot.
Where is this duplex located?
The property is located at 15741 NW 38th Pl Miami Gardens, FL.
What is the asking price?
The asking price for this property is $694,500.
What are key features of this property?
This property features: Duplex: Offers immediate rental income potential.; Centrally Located: Close to expressway, shops, restaurants, Hard Rock Stadium, and universities.; Remodeled: Enjoy the benefits of new kitchens and baths.
