Remodeled Duplex with New
For Sale
$971,000
1650 Northeast 147th Street, Miami, FL 33181
Two leased residences include patios, shared parking, and an additional occupied efficiency.
Property Size2,336 SF
Price / SF$415.67
Days on Market494
Property Features for 1650 Northeast 147th Street
General Information
Standard status
Active
Size
2,336 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$7,117
Building Details
Year Built
1972
Listing Agency:
Jireh Real Estate Investment Group Inc
(305) 751-8480
Listed By:
Rafael Borge · License #0684509
(305) 751-8480
Source:
Compass
Added: Apr 25, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:48PM
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 Jireh Real Estate Investment Group Inc
Investment Insights
Based on property information with market context.
This 2,336-square-foot duplex, built in 1972, has undergone remodeling and received a new roof. The property includes a 3-bedroom, 2-bath unit and a 2-bedroom, 2-bath unit. The primary bedroom in the larger residence has been reconfigured as a separate efficiency, creating an additional leased space. Both main units and the efficiency are currently leased.
Additional features include a Florida or family room, a spacious laundry room, patios serving both residences, fruit trees, and ample on-site parking. The property is located at 1650 Northeast 147th Street in Miami, Florida 33181.
Additional features include a Florida or family room, a spacious laundry room, patios serving both residences, fruit trees, and ample on-site parking. The property is located at 1650 Northeast 147th Street in Miami, Florida 33181.
Key Highlights
- 2,336 SF duplex built in 1972
- Remodeled property with a new roof
- Includes 3/2 and 2/2 residences
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
$46,850
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
4.82%
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%
$937,000
$937.0K
Cap Rate 7%
$669,286
$669.3K
Cap Rate 9%
$520,556
$520.6K
Market Conditions
NOI Build-Up for 2,336 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
$71.5K $30.60/SF
− Vacancy
−$4.6K −$1.95/SF
EGI
$66.9K $28.65/SF
− OpEx
−$20.1K −$8.60/SF
NOI
$46.8K $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%
$937,000
Cap Rate 7%
$669,286
Cap Rate 9%
$520,556
Alternative Uses
Best Use
Multifamily LT 5
$669.3K
$585.6K – $780.8K
NOI $46,850 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$616.5K
$539.4K – $719.2K
NOI $43,154 @ 7.0% cap · market cap 4.44%
Theoretical Best
Specialty Retail
$1.58M
$1.38M – $1.84M
NOI $110,377 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,391
Businesses Nearby
Explore this area
Business Placement
Demographics for 33181, FL
20,955
Population
9,401
Households
2.2
Avg Household Size
39
Median Age
41%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
6,985
Density / Sq Mi
$56,473
Median Household Income
$40,233
Median Earnings
$1,665
Median Rent
$315,200
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 - Two leased residences include patios, shared parking, and an additional occupied efficiency.
Where is this duplex located?
The property is located at 1650 Northeast 147th Street Miami, FL.
What is the asking price?
The asking price for this property is $971,000.
What are key features of this property?
This property features: 2,336 SF duplex built in 1972; Remodeled property with a new roof; Includes 3/2 and 2/2 residences
