Updated Two-Unit
For Sale
$595,000
1519 Northwest 40th Street, Miami, FL 33142
Two residential units combine refreshed interiors with in-unit laundry and central air conditioning.
Property Size1,959 SF
Price / SF$303.73
Days on Market148
Property Features for 1519 Northwest 40th Street
General Information
Standard status
Active
Size
1,959 SF
Property subtype
Multi-Family Income / Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,616
Building Details
Year Built
1972
Listing Agency:
Century 21 BE3
(727) 596-1811
Listed By:
Miguel Salvat · License #3187065
(727) 596-1811
Source:
Compass
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 31 at 9:57PM
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 Century 21 BE3
Investment Insights
Based on property information with market context.
This 1,959-square-foot duplex, built in 1972, contains two residential units with matching two-bedroom, one-bathroom layouts. Recent improvements include new flooring, updated central AC serving both units, and a washer and dryer in each residence.
The property is located at 1519 Northwest 40th Street in Miami, near Jackson Memorial Hospital, Miami International Airport, and Midtown. Both units are currently occupied under separate rental arrangements, including one month-to-month tenancy.
The property is located at 1519 Northwest 40th Street in Miami, near Jackson Memorial Hospital, Miami International Airport, and Midtown. Both units are currently occupied under separate rental arrangements, including one month-to-month tenancy.
Key Highlights
- Two‑unit duplex with 1,959 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Washer and dryer provided in 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
$39,289
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
6.60%
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%
$785,780
$785.8K
Cap Rate 7%
$561,271
$561.3K
Cap Rate 9%
$436,544
$436.5K
Market Conditions
NOI Build-Up for 1,959 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
$59.9K $30.60/SF
− Vacancy
−$3.8K −$1.95/SF
EGI
$56.1K $28.65/SF
− OpEx
−$16.8K −$8.60/SF
NOI
$39.3K $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%
$785,780
Cap Rate 7%
$561,271
Cap Rate 9%
$436,544
Alternative Uses
Best Use
Multifamily LT 5
$561.3K
$491.1K – $654.8K
NOI $39,289 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$517.0K
$452.4K – $603.2K
NOI $36,189 @ 7.0% cap · market cap 6.08%
Theoretical Best
Specialty Retail
$1.32M
$1.16M – $1.54M
NOI $92,564 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,175
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 - Two residential units combine refreshed interiors with in-unit laundry and central air conditioning.
Where is this duplex located?
The property is located at 1519 Northwest 40th Street Miami, FL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,959 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Washer and dryer provided in each unit
