Partially Remodeled Duplex
For Sale
$649,997
Pending
1450 Northwest 35th Street, Miami, FL 33142
Legal duplex with impact windows, newer roof, and recent interior updates including new floors and plumbing.
Property Size1,825 SF
Days on Market176
Property Features for 1450 Northwest 35th Street
General Information
Standard status
Pending
Size
1,825 SF
Property subtype
Multi-Family Income / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,918
Building Details
Year Built
1950
Listing Agency:
ACE Florida Realty, LLC
Listed By:
Diana Rodriguez · License #3113125
(786) 999-8359
Source:
Compass
Added: Mar 17
Changed: Aug 8
Last Checked: Jul 24 at 1:14PM
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 ACE Florida Realty, LLC
Investment Insights
Based on property information with market context.
This legal duplex offers a 3/2 unit and a 1/1 unit. The property is partially remodeled and includes impact windows, recently painted interiors, and new floors. Recent improvements also include new plumbing, additional impact windows, and AC units that were recently serviced, along with a roof that is less than 10 years old.
The property is centrally located near Wynwood, the Miami River, Brickell, and Miami International Airport. There is no association, which may simplify ownership and operations.
The layout supports two separate residential units within one legal duplex structure, making it well suited for an income-focused buyer who wants both units under the same ownership.
The property is centrally located near Wynwood, the Miami River, Brickell, and Miami International Airport. There is no association, which may simplify ownership and operations.
The layout supports two separate residential units within one legal duplex structure, making it well suited for an income-focused buyer who wants both units under the same ownership.
Key Highlights
- Legal duplex (3/2 + 1/1) generating $63,540 gross annual income
- Impact windows throughout and interior updates including new floors, new plumbing, and recent painting
- Roof is less than 10 years old
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
$36,601
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
5.63%
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%
$732,020
$732.0K
Cap Rate 7%
$522,871
$522.9K
Cap Rate 9%
$406,678
$406.7K
Market Conditions
NOI Build-Up for 1,825 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
$55.8K $30.60/SF
− Vacancy
−$3.6K −$1.95/SF
EGI
$52.3K $28.65/SF
− OpEx
−$15.7K −$8.60/SF
NOI
$36.6K $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%
$732,020
Cap Rate 7%
$522,871
Cap Rate 9%
$406,678
Alternative Uses
Best Use
Multifamily LT 5
$522.9K
$457.5K – $610.0K
NOI $36,601 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$481.6K
$421.4K – $561.9K
NOI $33,714 @ 7.0% cap · market cap 5.19%
Theoretical Best
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,232 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,249
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?
Duplex - Legal duplex with impact windows, newer roof, and recent interior updates including new floors and plumbing.
Where is this duplex located?
The property is located at 1450 Northwest 35th Street Miami, FL.
What is the asking price?
The asking price for this property is $649,997.
What are key features of this property?
This property features: Legal duplex (3/2 + 1/1) generating $63,540 gross annual income; Impact windows throughout and interior updates including new floors, new plumbing, and recent painting; Roof is less than 10 years old
