2-Unit
For Sale
$515,000
Pending
170 NE 68th Terrace, Miami, FL 33138
Two one-bedroom, one-bath units provide a compact rental-income configuration in Miami’s Little Haiti neighborhood.
Property Size1,418 SF
Days on Market173
Property Features for 170 NE 68th Terrace
General Information
Standard status
Pending
Size
1,418 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
6107
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,984
Building Details
Building Size
1,418 SF
Year Built
1954
Stories
1
Listing Agency:
Canvas Real Estate
(786) 520-7827
Listed By:
Maria C Barrera · License #3353031
(786) 520-7827
Source:
Laerrealty
Added: Mar 13
Changed: Aug 31
Last Checked: Aug 30 at 1:30PM
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 Canvas Real Estate
Investment Insights
Based on property information with market context.
This 2-unit duplex contains two one-bedroom, one-bath residences within 1376 square feet. Built in 1954, the property offers a straightforward configuration for rental income or multi-generational living.
The property is located at 170 Northeast 68th Terrace in Miami’s Little Haiti neighborhood. Zoning allows for up to 8 units, providing a documented path for expanded residential density or future redevelopment. The surrounding area is described as attracting new businesses and infrastructure improvements.
The property is located at 170 Northeast 68th Terrace in Miami’s Little Haiti neighborhood. Zoning allows for up to 8 units, providing a documented path for expanded residential density or future redevelopment. The surrounding area is described as attracting new businesses and infrastructure improvements.
Key Highlights
- Two 1‑bed, 1‑bath units
- 1376 square feet of property size
- Zoning allows up to 8 units
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
$27,596
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
5.36%
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%
$551,920
$551.9K
Cap Rate 7%
$394,229
$394.2K
Cap Rate 9%
$306,622
$306.6K
Market Conditions
NOI Build-Up for 1,376 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
$42.1K $30.60/SF
− Vacancy
−$2.7K −$1.95/SF
EGI
$39.4K $28.65/SF
− OpEx
−$11.8K −$8.60/SF
NOI
$27.6K $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%
$551,920
Cap Rate 7%
$394,229
Cap Rate 9%
$306,622
Alternative Uses
Best Use
Multifamily LT 5
$394.2K
$345.0K – $459.9K
NOI $27,596 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$363.1K
$317.7K – $423.7K
NOI $25,419 @ 7.0% cap · market cap 4.94%
Theoretical Best
Specialty Retail
$928.8K
$812.7K – $1.08M
NOI $65,017 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
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 one-bedroom, one-bath units provide a compact rental-income configuration in Miami’s Little Haiti neighborhood.
Where is this duplex located?
The property is located at 170 NE 68th Terrace Miami, FL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two 1‑bed, 1‑bath units; 1376 square feet of property size; Zoning allows up to 8 units
