2-Unit Duplex with Separate
New
For Sale
$850,000
1551 NE 117th St, Miami, FL 33161
Each residence has its own water and FPL meter, with a distinct entrance.
Property Size2,246 SF
Days on Market5
Property Features for 1551 NE 117th St
General Information
Standard status
Active
Size
2,246 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,226
Building Details
Building Size
2,246 SF
Year Built
1978
Listing Agency:
Govern Realty Corp
Listed By:
Omar Garcia · License #3023049
(786) 277-2957
Source:
Relinkre
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 2:47PM
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 Govern Realty Corp
Investment Insights
Based on property information with market context.
Built in 1978, this duplex contains two residences: one with 2 bedrooms and 1 bathroom, and another with 3 bedrooms, 2 bathrooms, and a den that can serve as a fourth bedroom or additional living space. Each unit has its own entrance and separate water and FPL meters. The property also has a new roof, new impact windows, and a lot with mature tropical landscaping.
Key Highlights
- Two‑unit duplex with a 2‑bedroom, 1‑bathroom residence and a 3‑bedroom, 2‑bathroom residence
- Den in the larger unit can be used as a fourth bedroom
- Separate entrances and individual water and FPL meters for 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
$45,045
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
5.30%
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%
$900,900
$900.9K
Cap Rate 7%
$643,500
$643.5K
Cap Rate 9%
$500,500
$500.5K
Market Conditions
NOI Build-Up for 2,246 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
$68.7K $30.60/SF
− Vacancy
−$4.4K −$1.95/SF
EGI
$64.3K $28.65/SF
− OpEx
−$19.3K −$8.60/SF
NOI
$45.0K $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%
$900,900
Cap Rate 7%
$643,500
Cap Rate 9%
$500,500
Alternative Uses
Best Use
Multifamily LT 5
$643.5K
$563.1K – $750.8K
NOI $45,045 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$592.7K
$518.6K – $691.5K
NOI $41,491 @ 7.0% cap · market cap 4.88%
Theoretical Best
Specialty Retail
$1.52M
$1.33M – $1.77M
NOI $106,125 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,835
Businesses Nearby
Explore this area
Business Placement
Demographics for 33161, FL
53,015
Population
18,912
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
5.5 sq mi
ZIP Area
9,639
Density / Sq Mi
$55,265
Median Household Income
$34,311
Median Earnings
$1,494
Median Rent
$376,500
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?
Duplex - Each residence has its own water and FPL meter, with a distinct entrance.
Where is this duplex located?
The property is located at 1551 NE 117th St Miami, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom, 1‑bathroom residence and a 3‑bedroom, 2‑bathroom residence; Den in the larger unit can be used as a fourth bedroom; Separate entrances and individual water and FPL meters for each unit
