Renovated Duplex with Two
For Sale
$650,000
1490-1492 Northwest 38th Street, Miami, FL 33142
Separate one- and four-bedroom residences feature updated interiors and a combination of wall-unit and central air-conditioning.
Property Size1,840 SF
Price / SF$353.26
Days on Market197
Property Features for 1490-1492 Northwest 38th Street
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$6,958
Building Details
Year Built
1946
Listing Agency:
Keller Williams Elite Properties
(305) 931-2224
Listed By:
Bernard Phanord · License #3386248
(305) 931-2224
Source:
Compass
Added: Feb 15
Changed: Aug 30
Last Checked: Aug 31 at 2:00AM
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 Keller Williams Elite Properties
Investment Insights
Based on property information with market context.
This 1,840-square-foot duplex, built in 1946, contains two renovated residences on a 5,000-square-foot lot. The unit mix includes a 1BR/1BA residence with wall-unit and central AC, along with a 4BR/2BA residence. The property is scheduled for delivery vacant at closing, allowing the next owner to establish its occupancy plan.
The Miami property is less than 10 minutes from Wynwood/Art District and approximately 20 minutes from Brickell and Downtown. Its two-unit configuration and varied bedroom layouts provide a straightforward residential income property format within an established urban setting.
The Miami property is less than 10 minutes from Wynwood/Art District and approximately 20 minutes from Brickell and Downtown. Its two-unit configuration and varied bedroom layouts provide a straightforward residential income property format within an established urban setting.
Key Highlights
- 1,840‑square‑foot duplex on a 5,000‑square‑foot lot
- Two renovated units: 1BR/1BA and 4BR/2BA
- First unit includes wall unit AC and central AC
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
$36,902
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
5.68%
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%
$738,040
$738.0K
Cap Rate 7%
$527,171
$527.2K
Cap Rate 9%
$410,022
$410.0K
Market Conditions
NOI Build-Up for 1,840 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
$56.3K $30.60/SF
− Vacancy
−$3.6K −$1.95/SF
EGI
$52.7K $28.65/SF
− OpEx
−$15.8K −$8.60/SF
NOI
$36.9K $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%
$738,040
Cap Rate 7%
$527,171
Cap Rate 9%
$410,022
Alternative Uses
Best Use
Multifamily LT 5
$527.2K
$461.3K – $615.0K
NOI $36,902 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$485.6K
$424.9K – $566.5K
NOI $33,991 @ 7.0% cap · market cap 5.23%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,941 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,224
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate one- and four-bedroom residences feature updated interiors and a combination of wall-unit and central air-conditioning.
Where is this duplex located?
The property is located at 1490-1492 Northwest 38th Street Miami, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,840‑square‑foot duplex on a 5,000‑square‑foot lot; Two renovated units: 1BR/1BA and 4BR/2BA; First unit includes wall unit AC and central AC
