Duplex with Vacant
For Sale
Contact for pricing
1613-1615 NW 45th St, Miami, FL 33142
Duplex in Alapattah with adjacent vacant lot for sale.
Property Size1,512 SF
Price / SF$376.32
Days on Market160
Property Features for 1613-1615 NW 45th St
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Multifamily
Zoning
5700
Building Details
Year Built
1936
Listing Agency:
Landan Realty LLC
(305) 338-6436
Listed By:
Danay Puebla Llanos · License #3315105
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:39AM
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 Landan Realty LLC
Investment Insights
Based on property information with market context.
This property presents an investment opportunity, featuring a duplex in Alapattah with an adjacent vacant lot. The property is zoned for multifamily use, and the vacant lot may allow for the construction of an additional duplex, triplex, or possibly a fourplex; buyers are advised to perform their own due diligence. Situated in the heart of Alapattah, a designated Opportunity Zone, this property offers potential for investors and developers. The location provides convenient access to major highways and shopping, and is just minutes from Wynwood and Downtown Miami. The property size is 1512 square feet.
Key Highlights
- Prime location in the heart of Alapattah, one of Miami's fastest‑growing areas.
- Duplex in Alapattah, offering immediate rental income potential.
- Vacant lot included, zoned for multifamily, potentially allowing construction of additional units.
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
$30,324
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
5.33%
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%
$606,480
$606.5K
Cap Rate 7%
$433,200
$433.2K
Cap Rate 9%
$336,933
$336.9K
Market Conditions
NOI Build-Up for 1,512 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
$46.3K $30.60/SF
− Vacancy
−$2.9K −$1.95/SF
EGI
$43.3K $28.65/SF
− OpEx
−$13.0K −$8.60/SF
NOI
$30.3K $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%
$606,480
Cap Rate 7%
$433,200
Cap Rate 9%
$336,933
Alternative Uses
Best Use
Multifamily LT 5
$433.2K
$379.1K – $505.4K
NOI $30,324 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$399.0K
$349.2K – $465.5K
NOI $27,932 @ 7.0% cap · market cap 4.91%
Theoretical Best
Specialty Retail
$1.02M
$893.0K – $1.19M
NOI $71,443 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,488
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 - Duplex in Alapattah with adjacent vacant lot for sale.
Where is this duplex located?
The property is located at 1613-1615 NW 45th St Miami, FL.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Prime location in the heart of Alapattah, one of Miami's fastest‑growing areas.; Duplex in Alapattah, offering immediate rental income potential.; Vacant lot included, zoned for multifamily, potentially allowing construction of additional units.
