Triplex with Separate Utility
For Sale
$399,000
Pending
1620 NW 64th St, Miami, FL 33147
Three-unit residential income property requiring comprehensive rehabilitation and electrical replacement.
Property Size1,349 SF
Days on Market151
Property Features for 1620 NW 64th St
General Information
Standard status
Pending
Size
1,349 SF
Total Parking Spaces
3
Property subtype
Investment
Property Condition
Severity
Major Repairs Needed
Evidence
total rehab
Units
Multifamily Units
3
Parking per Unit
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,409
Building Details
Building Size
1,349 SF
Year Built
1955
Stories
1
Listing Agency:
Alyons Int'l Realty Inc
(786) 445-6304
Listed By:
Marina Almanzar · License #3261667
(786) 445-6304
Source:
Elliman
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 8:00PM
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 Alyons Int'l Realty Inc
Investment Insights
Based on property information with market context.
This 1955 triplex contains three separate units within approximately 1,349 square feet. Each unit has its own electric meter, water meter, and designated parking space. Existing climate control consists of window or wall-mounted air-conditioning units.
The property requires a complete rehabilitation, including installation of a new electrical system following the theft of copper wiring. Its setting at 1620 Northwest 64th Street in Miami places the building near shopping centers, schools, and public transportation.
The property requires a complete rehabilitation, including installation of a new electrical system following the theft of copper wiring. Its setting at 1620 Northwest 64th Street in Miami places the building near shopping centers, schools, and public transportation.
Key Highlights
- Three separate residential units
- Each unit has its own electric and water meter
- Dedicated parking space for each unit
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
$27,055
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
6.78%
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%
$541,100
$541.1K
Cap Rate 7%
$386,500
$386.5K
Cap Rate 9%
$300,611
$300.6K
Market Conditions
NOI Build-Up for 1,349 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
$41.3K $30.60/SF
− Vacancy
−$2.6K −$1.95/SF
EGI
$38.6K $28.65/SF
− OpEx
−$11.6K −$8.60/SF
NOI
$27.1K $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%
$541,100
Cap Rate 7%
$386,500
Cap Rate 9%
$300,611
Alternative Uses
Best Use
Multifamily LT 5
$386.5K
$338.2K – $450.9K
NOI $27,055 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 6.25%
Theoretical Best
Specialty Retail
$910.6K
$796.8K – $1.06M
NOI $63,741 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
943
Businesses Nearby
Explore this area
Business Placement
Demographics for 33147, FL
48,823
Population
16,220
Households
3
Avg Household Size
39
Median Age
15%
College-Educated
77%
High-School Grad
7.2 sq mi
ZIP Area
6,781
Density / Sq Mi
$47,728
Median Household Income
$33,385
Median Earnings
$1,359
Median Rent
$301,300
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?
Triplex - Three-unit residential income property requiring comprehensive rehabilitation and electrical replacement.
Where is this triplex located?
The property is located at 1620 NW 64th St Miami, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three separate residential units; Each unit has its own electric and water meter; Dedicated parking space for each unit
