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 Market804
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: Aug 8
Last Checked: Jul 24 at 2:13PM
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
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 = 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
$53,528
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
7.93%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
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 - 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)
