Renovated Four-Unit Residential
For Sale
$1,315,000
53 NE 56th St, Miami, FL 33137
Fully rented residential property with updated unit interiors, parking, and recent building-system improvements.
Property Size2,486 SF
Days on Market9
Property Features for 53 NE 56th St
General Information
Standard status
Active
Size
2,486 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$10,925
Building Details
Building Size
2,486 SF
Year Built
1954
Stories
1
Listed By:
Demian Pack
(305) 767-8766
Source:
Elliman
Added: Sep 18
Changed: Sep 25
Last Checked: Sep 24 at 2:00PM
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 Demian Pack
Investment Insights
Based on property information with market context.
Built in 1954, this four-unit residential property includes four one-bedroom, one-bathroom apartments within approximately 2,486 square feet of building area on a 5,750-square-foot lot. The units are fully rented and supported by four parking spaces. A 2026 renovation addressed HVAC, plumbing, electrical systems, kitchens, bathrooms, flooring, appliances, laundry facilities, impact windows and doors, fencing, and exterior areas. The property also has completed 40-year recertification per available records.
Located at 53 NE 56th St in Miami, the property is positioned near Buena Vista, the Design District, Midtown, Wynwood, Biscayne Blvd, the Upper East Side, and Downtown Miami. T4-R zoning and Flood Zone X designation are included in the property information. Walk Score is 78, Bike Score is 57, and Transit Score is 48.
Located at 53 NE 56th St in Miami, the property is positioned near Buena Vista, the Design District, Midtown, Wynwood, Biscayne Blvd, the Upper East Side, and Downtown Miami. T4-R zoning and Flood Zone X designation are included in the property information. Walk Score is 78, Bike Score is 57, and Transit Score is 48.
Key Highlights
- Four fully rented 1‑bedroom/1‑bathroom units
- Approximately 2,486 SF building on a 5,750 SF lot
- 2026 renovation included HVAC, plumbing, electrical, interiors, and exterior improvements
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
$49,858
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
3.79%
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%
$997,160
$997.2K
Cap Rate 7%
$712,257
$712.3K
Cap Rate 9%
$553,978
$554.0K
Market Conditions
NOI Build-Up for 2,486 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
$76.1K $30.60/SF
− Vacancy
−$4.8K −$1.95/SF
EGI
$71.2K $28.65/SF
− OpEx
−$21.4K −$8.60/SF
NOI
$49.9K $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%
$997,160
Cap Rate 7%
$712,257
Cap Rate 9%
$553,978
Alternative Uses
Best Use
Multifamily LT 5
$712.3K
$623.2K – $831.0K
NOI $49,858 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$656.1K
$574.1K – $765.4K
NOI $45,925 @ 7.0% cap · market cap 3.49%
Theoretical Best
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,465 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,070
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully rented residential property with updated unit interiors, parking, and recent building-system improvements.
Where is this quadplex located?
The property is located at 53 NE 56th St Miami, FL.
What is the asking price?
The asking price for this property is $1,315,000.
What are key features of this property?
This property features: Four fully rented 1‑bedroom/1‑bathroom units; Approximately 2,486 SF building on a 5,750 SF lot; 2026 renovation included HVAC, plumbing, electrical, interiors, and exterior improvements
