Multifamily Duplex
For Sale
$549,000
Pending
1613-1615 NW 45th Street, Miami, FL 33142
Two-unit property on a multifamily-zoned lot with potential for additional construction, subject to municipal approvals.
Property Size1,452 SF
Days on Market51
Property Features for 1613-1615 NW 45th Street
General Information
Standard status
Pending
Size
1,452 SF
Property subtype
Duplex
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Building Details
Year Built
1936
Listing Agency:
Landan Realty LLC
Listed By:
Danay Puebla Llanos · License #3315105
(305) 338-6436
Source:
Lehmannflorida
Added: Jul 27
Changed: Sep 15
Last Checked: Sep 15 at 5:10AM
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.
Built in 1936, this 1,452-square-foot duplex is positioned on a multifamily-zoned lot at 1613-1615 NW 45th Street in Miami. The front portion of the property may accommodate additional construction, subject to zoning, setbacks, and City of Miami approvals. Buyers should verify the feasibility of developing an additional duplex, triplex, or fourplex with the appropriate municipal authorities.
The property is near major highways, hospitals, shopping, downtown Miami, Wynwood, and the Health District. It is also located within a designated Opportunity Zone, providing an additional characteristic for buyers evaluating the property’s location and development considerations.
The property is near major highways, hospitals, shopping, downtown Miami, Wynwood, and the Health District. It is also located within a designated Opportunity Zone, providing an additional characteristic for buyers evaluating the property’s location and development considerations.
Key Highlights
- Duplex with 1,452 square feet of building area
- Multifamily‑zoned lot with front portion that may accommodate additional construction
- Potential additional duplex, triplex, or fourplex development, subject to approvals
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
$29,121
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%
$582,420
$582.4K
Cap Rate 7%
$416,014
$416.0K
Cap Rate 9%
$323,567
$323.6K
Market Conditions
NOI Build-Up for 1,452 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
$44.4K $30.60/SF
− Vacancy
−$2.8K −$1.95/SF
EGI
$41.6K $28.65/SF
− OpEx
−$12.5K −$8.60/SF
NOI
$29.1K $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%
$582,420
Cap Rate 7%
$416,014
Cap Rate 9%
$323,567
Alternative Uses
Best Use
Multifamily LT 5
$416.0K
$364.0K – $485.4K
NOI $29,121 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$383.2K
$335.3K – $447.1K
NOI $26,823 @ 7.0% cap · market cap 4.89%
Theoretical Best
Specialty Retail
$980.1K
$857.6K – $1.14M
NOI $68,608 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,177
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
Check the figures for this property
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 - Two-unit property on a multifamily-zoned lot with potential for additional construction, subject to municipal approvals.
Where is this duplex located?
The property is located at 1613-1615 NW 45th Street Miami, FL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Duplex with 1,452 square feet of building area; Multifamily‑zoned lot with front portion that may accommodate additional construction; Potential additional duplex, triplex, or fourplex development, subject to approvals
