Duplex With Impact
For Sale
$760,000
138 NE 68th Terrace, Miami, FL 33138
Two-unit residential property featuring a new roof, hurricane-rated windows, and updated plumbing.
Property Size1,811 SF
Days on Market376
Property Features for 138 NE 68th Terrace
General Information
Standard status
Active
Size
1,811 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,834
Building Details
Building Size
1,811 SF
Year Built
1960
Listing Agency:
United Realty Group, Inc
Listed By:
Gertrude Joseph · License #3375739
(786) 285-6156
Source:
Silverleafrealtygroup
Added: Sep 2, 2025
Changed: Sep 11
Last Checked: Sep 11 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 United Realty Group, Inc
Investment Insights
Based on property information with market context.
This duplex was built in 1960 and includes several recent physical improvements. The property has a new roof, hurricane-impact windows, and plumbing described as up to date, offering a refreshed infrastructure profile for a two-unit residential asset.
The property is situated in a historic neighborhood near Miami’s Design District and approximately 20 minutes from Miami Beach. Its duplex configuration and updated building components provide a straightforward residential income property format in an established Miami setting.
The property is situated in a historic neighborhood near Miami’s Design District and approximately 20 minutes from Miami Beach. Its duplex configuration and updated building components provide a straightforward residential income property format in an established Miami setting.
Key Highlights
- Duplex configuration for residential income use
- Built in 1960
- New roof
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
$36,321
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
4.78%
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%
$726,420
$726.4K
Cap Rate 7%
$518,871
$518.9K
Cap Rate 9%
$403,567
$403.6K
Market Conditions
NOI Build-Up for 1,811 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
$55.4K $30.60/SF
− Vacancy
−$3.5K −$1.95/SF
EGI
$51.9K $28.65/SF
− OpEx
−$15.6K −$8.60/SF
NOI
$36.3K $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%
$726,420
Cap Rate 7%
$518,871
Cap Rate 9%
$403,567
Alternative Uses
Best Use
Multifamily LT 5
$518.9K
$454.0K – $605.4K
NOI $36,321 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$477.9K
$418.2K – $557.6K
NOI $33,455 @ 7.0% cap · market cap 4.40%
Theoretical Best
Specialty Retail
$1.22M
$1.07M – $1.43M
NOI $85,571 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property featuring a new roof, hurricane-rated windows, and updated plumbing.
Where is this duplex located?
The property is located at 138 NE 68th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Duplex configuration for residential income use; Built in 1960; New roof
