New Construction Four-Bedroom
For Sale
$999,990
1629 Northwest 40th Street, Miami, FL 33142
Each unit combines an open kitchen, stainless steel appliances, impact windows, and contemporary interior finishes.
Property Size3,347 SF
Price / SF$298.77
Days on Market321
Property Features for 1629 Northwest 40th Street
General Information
Standard status
Active
Size
3,347 SF
Property subtype
Multi-Family Income / Duplex
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,762
Building Details
Year Built
2025
Listing Agency:
LPT Realty
(877) 366-2213
Listed By:
Monica Malpica · License #3282829
(877) 366-2213
Source:
Compass
Added: Oct 16, 2025
Changed: Aug 30
Last Checked: Aug 31 at 9:59PM
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 LPT Realty
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two residences, with each unit offering four bedrooms and two and one-half bathrooms. The interiors feature open-plan kitchens, contemporary countertops, stainless steel appliances, and upgraded finishes. Impact-rated windows and doors add another defined building feature.
The property is located at 1629 Northwest 40th Street in Miami, Florida, with convenient proximity to Wynwood, Midtown, the Design District, and area expressways. Its two-unit configuration and substantial bedroom count provide a clearly defined residential layout for an owner-user or income-property buyer.
The property is located at 1629 Northwest 40th Street in Miami, Florida, with convenient proximity to Wynwood, Midtown, the Design District, and area expressways. Its two-unit configuration and substantial bedroom count provide a clearly defined residential layout for an owner-user or income-property buyer.
Key Highlights
- Built in 2025 as a newly constructed duplex
- Two units, each with 4 bedrooms and 2.5 bathrooms
- 3,347 listed property size
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
$67,126
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
6.71%
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%
$1,342,520
$1.3M
Cap Rate 7%
$958,943
$958.9K
Cap Rate 9%
$745,844
$745.8K
Market Conditions
NOI Build-Up for 3,347 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
$102.4K $30.60/SF
− Vacancy
−$6.5K −$1.95/SF
EGI
$95.9K $28.65/SF
− OpEx
−$28.8K −$8.60/SF
NOI
$67.1K $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%
$1,342,520
Cap Rate 7%
$958,943
Cap Rate 9%
$745,844
Alternative Uses
Best Use
Multifamily LT 5
$958.9K
$839.1K – $1.12M
NOI $67,126 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$883.3K
$772.9K – $1.03M
NOI $61,830 @ 7.0% cap · market cap 6.18%
Theoretical Best
Specialty Retail
$2.26M
$1.98M – $2.64M
NOI $158,147 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
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 - Each unit combines an open kitchen, stainless steel appliances, impact windows, and contemporary interior finishes.
Where is this duplex located?
The property is located at 1629 Northwest 40th Street Miami, FL.
What is the asking price?
The asking price for this property is $999,990.
What are key features of this property?
This property features: Built in 2025 as a newly constructed duplex; Two units, each with 4 bedrooms and 2.5 bathrooms; 3,347 listed property size
