Duplex on Multifamily-Zoned
For Sale
Under Contract
$549,000
1613-1615 NW 45th St, Miami, FL 33142
Residential Income, Miami, FL
Property Size1,452 SF
Price / SF$378.10
Days on Market51
Property Features for 1613-1615 NW 45th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
5700
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4
Parking
8
Subdivision
N MIAMI ESTATES
Lot features
< 1/4 Acre
Standard status
Active Under Contract
APN
01-31-23-037-0320
Size
1,452 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTH MIAMI ESTATES PB 5-48 LOT 2 BLK 8 LOT SIZE 50.000 X 100 OR 20304-0075 02 2002 1
Tax Annual Amount
7062
Legal Description
NORTH MIAMI ESTATES PB 5-48 LOT 2 BLK 8 LOT SIZE 50.000 X 100 OR 20304-0075 02 2002 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1936
Floors in Building
2
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
Landan Realty LLC
Listed By:
Danay Puebla Llanos · License #3315105
(305) 338-6436
Added: Jul 27
Changed: Sep 15
Last Checked: Sep 15 at 7:06PM
MLS# A12060349
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,452-square-foot duplex at 1613-1615 NW 45th St in Miami was built in 1936 with block construction, tile flooring, central heating, central air conditioning, and ceiling fans. The property includes four bedrooms and two bathrooms, with a shingle roof and public sewer service. Cable is available.
The lot carries multifamily zoning and is located within a designated Opportunity Zone. The front portion may support additional construction, including a possible duplex, triplex, or fourplex, subject to applicable setbacks, density standards, zoning requirements, and City of Miami approvals. The property is near major highways, hospitals, Downtown Miami, Wynwood, and the Health District.
The lot carries multifamily zoning and is located within a designated Opportunity Zone. The front portion may support additional construction, including a possible duplex, triplex, or fourplex, subject to applicable setbacks, density standards, zoning requirements, and City of Miami approvals. The property is near major highways, hospitals, Downtown Miami, Wynwood, and the Health District.
Key Highlights
- 1,452‑square‑foot duplex on a multifamily‑zoned lot
- Four bedrooms and two bathrooms
- Block construction with tile flooring
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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Current Use
Lease Details
2
Residential units
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
View Realmo Analytics
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 - Block-built duplex with tile flooring, central heating, central air, and public sewer service.
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 $549,000.
What are key features of this property?
This property features: 1,452‑square‑foot duplex on a multifamily‑zoned lot; Four bedrooms and two bathrooms; Block construction with tile flooring
