Furnished
For Sale
Contact for pricing
1647 NW 29th Ave, Miami, FL 33125
Four furnished units are currently operating as short-term rentals with a varied one- and two-bedroom layout.
Property Size2,100 SF
Price / SF$523.81
Days on Market188
Property Features for 1647 NW 29th Ave
General Information
Standard status
Active
Size
2,100 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
0104
Units
Unit Mix
1 x 2BR/1BA, 3 x 1BR/1BA
Multifamily Units
4
Additional Details
Furnished
Yes
Building Details
Year Built
1967
Units
4
Listing Agency:
The Keyes Company
(305) 323-6036
Listed By:
Orlando Leon · License #3508666
Source:
Crexi
Added: Feb 23
Changed: Aug 30
Last Checked: Aug 30 at 12:23AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This 2,100-square-foot fourplex, built in 1967, contains four residential units: one two-bedroom, one-bath unit and three one-bedroom, one-bath units. All units are furnished and professionally decorated, with modern finishes and interior styling. The property is currently operated as active Airbnb rentals.
Located at 1647 NW 29th Ave in Miami, Florida, the asset is designated under zoning code 0104. Its four-unit configuration and existing furnished setup provide a defined operating format for short-term rental use.
Located at 1647 NW 29th Ave in Miami, Florida, the asset is designated under zoning code 0104. Its four-unit configuration and existing furnished setup provide a defined operating format for short-term rental use.
Key Highlights
- Four‑unit configuration with one 2‑bedroom/1‑bath unit and three 1‑bedroom/1‑bath units
- 2,100 SF fourplex built in 1967
- All units furnished and professionally decorated
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
$42,117
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
3.83%
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%
$842,340
$842.3K
Cap Rate 7%
$601,671
$601.7K
Cap Rate 9%
$467,967
$468.0K
Market Conditions
NOI Build-Up for 2,100 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
$64.3K $30.60/SF
− Vacancy
−$4.1K −$1.95/SF
EGI
$60.2K $28.65/SF
− OpEx
−$18.0K −$8.60/SF
NOI
$42.1K $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%
$842,340
Cap Rate 7%
$601,671
Cap Rate 9%
$467,967
Alternative Uses
Best Use
Multifamily LT 5
$601.7K
$526.5K – $702.0K
NOI $42,117 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$554.2K
$484.9K – $646.6K
NOI $38,794 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$1.42M
$1.24M – $1.65M
NOI $99,226 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,682
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four furnished units are currently operating as short-term rentals with a varied one- and two-bedroom layout.
Where is this quadplex located?
The property is located at 1647 NW 29th Ave Miami, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four‑unit configuration with one 2‑bedroom/1‑bath unit and three 1‑bedroom/1‑bath units; 2,100 SF fourplex built in 1967; All units furnished and professionally decorated
