Mixed-Use Investment
For Sale
$675,000
Pending
22 Northeast 59th Street, Miami, FL 33137
Multifamily property in urban center zone, suitable for mixed-use development.
Property Size2,669 SF
Days on Market853
Property Features for 22 Northeast 59th Street
General Information
Standard status
Pending
Size
2,669 SF
Property subtype
Residential Income / Duplex
Taxes and HOA fees
Annual Taxes
$7,447
Building Details
Year Built
1930
Listing Agency:
Coldwell Banker Realty
Listed By:
Camille Neal · License #3285157
(305) 931-8266
Source:
Compass
Added: Jun 21, 2024
Changed: Oct 8
Last Checked: Oct 20 at 11:52PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This multifamily property presents a significant investment opportunity within an urban center zone, designated T5-R-URBAN CENTER ZONE 4600. The zoning allows for mixed-use development, accommodating residential, commercial, and multi-family structures up to 5 stories. The property offers a total size of 2669 square feet.
Key Highlights
- Prime location
- T5‑R‑URBAN CENTER ZONE
- Mixed‑use potential (Residential, Commercial, Multi‑family)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,528
Cap Rate
7.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,070,560
$1.1M
Cap Rate 7%
$764,686
$764.7K
Cap Rate 9%
$594,756
$594.8K
Market Conditions
NOI Build-Up for 2,669 SF
Gross rent
$81.7K $30.60/SF
− Vacancy
−$5.2K −$1.95/SF
EGI
$76.5K $28.65/SF
− OpEx
−$22.9K −$8.60/SF
NOI
$53.5K $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 Rate 5%
$1,070,560
Cap Rate 7%
$764,686
Cap Rate 9%
$594,756
Alternative Uses
Best Use
Multifamily LT 5
$764.7K
$669.1K – $892.1K
NOI $53,528 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$704.4K
$616.3K – $821.8K
NOI $49,306 @ 7.0% cap · market cap 7.30%
Theoretical Best
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,111 @ 7.0% cap · market cap 18.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,310
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Multifamily property in urban center zone, suitable for mixed-use development.
Where is this duplex located?
The property is located at 22 Northeast 59th Street Miami, FL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Prime location; T5‑R‑URBAN CENTER ZONE; Mixed‑use potential (Residential, Commercial, Multi‑family)
