Four-Unit CBS
For Sale
$950,000
1243 Northwest 61st Street, Miami, FL 33142
Four residential units feature separate FPL meters and a recently permitted roof.
Property Size3,404 SF
Price / SF$279.08
Days on Market780
Property Features for 1243 Northwest 61st Street
General Information
Standard status
Active
Size
3,404 SF
Property subtype
Multi-Family Income / Fourplex
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$12,053
Building Details
Year Built
1964
Buildings
1
Construction
CBS
Listing Agency:
London Foster Realty
(305) 514-0100
Listed By:
Lina Mir Sportiello · License #3371793
(305) 514-0100
Source:
Compass
Added: Jul 12, 2024
Changed: Aug 29
Last Checked: Aug 29 at 10:54PM
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 London Foster Realty
Investment Insights
Based on property information with market context.
Built in 1964, this 3,404-square-foot quadplex contains four two-bedroom residential units. The building uses CBS construction, with each unit served by its own FPL meter.
Property improvements include a brand-new permitted roof, and the building passed its 2025 recertification. The four-unit configuration and separate utility metering define the asset’s current physical setup.
Property improvements include a brand-new permitted roof, and the building passed its 2025 recertification. The four-unit configuration and separate utility metering define the asset’s current physical setup.
Key Highlights
- Four two‑bedroom units within a quadplex configuration
- 3,404 square feet of building area
- CBS construction built in 1964
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
$68,269
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
7.19%
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%
$1,365,380
$1.4M
Cap Rate 7%
$975,271
$975.3K
Cap Rate 9%
$758,544
$758.5K
Market Conditions
NOI Build-Up for 3,404 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
$104.2K $30.60/SF
− Vacancy
−$6.6K −$1.95/SF
EGI
$97.5K $28.65/SF
− OpEx
−$29.3K −$8.60/SF
NOI
$68.3K $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%
$1,365,380
Cap Rate 7%
$975,271
Cap Rate 9%
$758,544
Alternative Uses
Best Use
Multifamily LT 5
$975.3K
$853.4K – $1.14M
NOI $68,269 @ 7.0% cap · market cap 7.19%
Second Best
Apartment 5plus
$898.3K
$786.0K – $1.05M
NOI $62,883 @ 7.0% cap · market cap 6.62%
Theoretical Best
Specialty Retail
$2.30M
$2.01M – $2.68M
NOI $160,841 @ 7.0% cap · market cap 16.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,428
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Quadplex - Four residential units feature separate FPL meters and a recently permitted roof.
Where is this quadplex located?
The property is located at 1243 Northwest 61st Street Miami, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Four two‑bedroom units within a quadplex configuration; 3,404 square feet of building area; CBS construction built in 1964
